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3/26/25
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FPA Multifamily has acquired Elevate at Towngate, a 227-unit, seven-building apartment community in Moreno Valley, in a $41 mil ($180.6k/unit) transaction. The asset was sold by Brixton Capital, which purchased the property for $28 mil ($123.3k/unit) in December of 2017.
Elevate at Towngate is locate at 13400 Elsworth St, east of I-15 and south of Hwy 60. Units range from 590 sf to 1.2k sf and offer floorplans from one to three bedrooms. Since its purchase, Brixton Capital rebranded and renovated the community, bringing it to 90% leased.
Residents live in proximity to Towngate Center, Moreno Valley Mall, University of California at Riverside, Cal Baptist University, downtown Riverside, WinCo Foods, March Air Reserve Base and Sycamore Canyon Wilderness Park. California State Routes 60 and 91 and Interstate 215 are easily accessible from the property.
JLL’s Ryan Fitzpatrick, Chelsea Jervis and CJ Angle represented Brixton Capital in the sale. FPA Multifamily, out of San Francisco, repped itself in the deal.
“Elevate at Towngate is a textbook example of our value-add approach to multifamily real estate investment,” said Brixton Capital Chairman Marc Brutten. “Moreno Valley and its industries have grown tremendously since this property was built in 1973. With our acquisition, we saw an incredible opportunity to modernize and enhance the property to meet the community’s needs.”
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