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Moreno Valley Apartments Trade as Heavy Value-Add Opportunity
CBRE facilitated the $8.72-million sale ($181,667 per unit) of a 48-unit multifamily property, Bevia Apartments, at 13260 Heacock St. in Moreno Valley, to Bevia Apartment Owners I LLC. Eric Chen and Blake Torgerson of CBRE represented both the buyer and seller, Bevia Apts LLC.
The community, located on the southeast corner of Heacock Street and Dracaea Avenue in this Riverside County city, features a mix of studio, one-, two- and three-bedroom floor plans. The property has undergone significant renovation after a fire had damaged units. The new owner will complete post-fire damage construction and stabilize the property, which, at the time of sale, was half vacant due to the fire.
“This transaction signals the confidence from buyers in today’s market to purchase heavy value-add opportunity, to reposition and capture additional value in this property,” said Chen.
- ◦Sale/Acquisition




