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Inland Empire Multifamily Portfolio Goes for $53M
Marcus & Millichap closed the sale of a three-property multifamily portfolio in the Inland Empire. The properties, Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands sold together for $53.4 million.
“The Inland Empire continues to attract renters from higher-priced metros nearby and provide active multifamily investors with some of Southern California’s best income-producing assets,” said Alexander Garcia, Jr., executive director with Marcus & Millichap’s Institutional Property Advisors (IPA) division.
Garcia and Bill Roblero, VP investments in Marcus & Millichap’s Inland Empire office, represented the buyer, Clear Capital LLC. Rial;to Breeze dates from 1985, while the Corona and Redlands assets were built in 1987.
- ◦Sale/Acquisition