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IPA Brokers Sale of 160-Unit MultiFam in Riverside
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has competed the sale of Stonegate Apartments, a 160-unit, multifamily community in Riverside, CA. The firm’s Alexander Garcia, Christoper Zorba, Kevin Green, Greg Harris and Joseph Grabiec represented the seller Pacific Living Properties. The buyer was Universe Holdings. Details of the transaction were not disclosed.
“With average rents in Riverside projected to grow 7.9% over the next year and 27% over the next five years, Stonegate Apartments is poised to produce strong returns for the buyer,” said Garcia in a news release. “New ownership has the opportunity to renovate the unit interiors and capture over 40% of upside in rental income,” added Green.
Community amenities include a fitness center, pool, covered parking, four laundry rooms and a business center. The property is close to five major freeways, with several shopping centers nearby and a Metrolink train station is also a short drive away.
- ◦Sale/Acquisition
