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7/26/19
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A New York-based real estate investment firm closed on the purchase of Lasselle Place, a 304-unit multifamily community in Moreno Valley. The asset, located at 15700 Lasselle St, features a mix of one-, two- and three-bedroom apartments. Although a price was not given out, industry sources we spoke to estimate a value near $68 mil, which would work out to around $224k/unit.
Community amenities include a pool and jacuzzi, built-in fire pits and barbeques, guard gates and a fitness center. The property is centrally located and in proximity to Kaiser Medical Center and Riverside University Hospital.
Dean Zander, Stew Weston and John Montakab with CBRE represented the seller, 4G Ventures, an Irvine-based real estate investment firm. CBRE’s Brian Eisendrath, Annie Rice and team facilitated the loan on behalf of the buyer.
“The Inland Empire continues to grow into a major hub for new employment and is becoming an increasingly desirable place to live and to work, which in turn has attracted local investors and those from across the nation,” said Weston. “This is a strong asset with significant room for the new owner to capitalize on its upside in future returns.”
This is the third time the team has sold this asset since 2014, according to Zander. “We represented the original developer in the sale to an active repositioning expert, and subsequently to a private investor,” said Zander. “This latest trade signifies the continuing strength and desirability of the entire Inland Empire market.”
The Inland Empire multifamily market remained healthy in the first quarter, with a favorable vacancy rate and very strong rent growth, according to CBRE research. Construction activity continued to rise with completions totaling 1,555 units for the year ending in Q1 2019 -- up by more than triple from the preceding four quarters. Nevertheless, demand in the Inland Empire exceeded new supply with 1,445 units absorbed over the same time period.
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