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2/01/21
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A SoCal-based private investment group paid $6.76 mil for Victory Garden Homes, a 30-unit ($225k/unit) community located at 13989 Moreno Rose Place, just off Allesandro Blvd on the south side of Hwy 60, in Moreno Valley.
Built in 1954, Victory Garden Homes is comprised of 30 residential buildings totaling 30k sf of space. The community is situated on an 8.99-acre site that features spacious three-bedroom and four-bedroom floor plans with an average size of 1k sf.
The property boasts a community garden, excess land, garden courtyard, and leasing office. The individual units include patios, washer/dryer hookups, attached singe car garages and private yards.
Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, an out of state private investor, in the deal.
“Due to below market rents, desirable location, attractive property layout, and 4.5 acres of excess developable land, Victory Gardens presented a tremendous value-add and development upside opportunity,” said LaBar. “As a result, there was a high level of interested buyers for this asset.”
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