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Moreno Valley MF Complex Sells for $55M

Phoenix-based Alliance Residential Co. sold Broadstone Lasselle, a 304-unit multifamily community in Moreno Valley, CA to an undisclosed Orange County private investor for more than $55 million. The sales price equates to roughly $181,000 per unit.

The 15-building complex opened in 2006 and underwent nearly $2 million in improvements over the last 18 months, including a fitness center and an upgraded pool.

Marcus & Millichap IPA’s Alexander Garcia, Jr., along with Stewart I. Weston, Christopher Zorbas, David Sperling, and John Montakab, represented the seller.

Garcia, Jr. says, “Broadstone Lasselle is a core-quality Southern California multifamily asset, with proven value-add potential.”

Weston added, “Robust job growth in Moreno Valley, coupled with some of the strongest apartment fundamentals in the region, attracted the investor to Riverside County. Broadstone Lasselle is their first multifamily purchase in the county.”

For comments, questions or concerns, please contact Dennis Kaiser


Inside The Story

Connect With IPA’s Garcia, Jr.Connect With IPA’s WestonConnect With Alliance Residential

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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