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9/07/22
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An entity of Atlantic Pacific Companies paid $64.5 mil for River’s Edge Apartments, a 184-unit ($350.5k/unit) multifamily property in Lake Elsinore, CA. Built in 2007, the property is located at 2088 East Lakeshore Dr, on the west side of I-15.
Kyle Pinkalla with Northmarq represented the buyer and the seller, Weidner Apartment Homes. According to Pinkalla, the buyer was attracted to River’s Edge’s quality construction and close proximity to the freeway, which connects the tenant base to the multiple job hubs throughout SW Riverside County. Lake Elsinore is a direct shot from San Diego, where the buyer has a large operations presence,” said Pinkalla.
The sale comes in the context of strengthened multifamily market in the local investment market during Q2, according to Northmarq’s recently released San Diego multifamily market insights. Year to date, sales volume is up nearly 10% from last year.
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