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3/10/20
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Bevia Apartments, a 48-unit multifamily property in Moreno Valley, was purchased by a local buyer for $6.65 mil, or $138.5k/unit. Located 13260 Heacock St, Bevia Apartments is a two-story, garden-style apartment community originally built in 1979.
The 39.2k sf property sits on a 2.35-acre lot and offers a full-time security patrol, controlled access, gated parking, pool, playground and an on-site laundry facility. The complex also features 66 parking spaces and a stand-alone management office.
Bevia Apartments sits two miles from the Moreno Valley Mall, the area’s largest shopping mall featuring dozens of dining, retail and entertainment options. The site is within one mile of the SR 60 freeway that connects Moreno Valley to Los Angeles County. The city of Moreno Valley is one of the fastest-growing economic hubs in the Inland Empire, with over 210,000 current residents.
CBRE’s Eric Chen and Blake Torgerson represented the seller, a private Asian-based investor, in the transaction. The CBRE team also repped the buyer in the deal.
The vacancy rate in the Inland Empire multifamily market has been very low, dropping to 3.2% in the third quarter of 2019, down 10 basis points year over year, according to a CBRE research report. Rents in the area climbed 4.6% during the same period.
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