A private investor seeking a larger asset to add to an existing portfolio found the right property in a 34-unit community in Menifee. The purchase price was $6.55 million for the asset located at 28378 Encanto Dr.

The multifamily community was originally constructed in 1992 on a 2.82-acre lot. The unit mix is comprised of all two-bedroom, two-bathroom units in townhouse and single-story floorplans. The property is less than a mile from I-215, which connects Menifee to greater Southern California.

Eric Chen and Blake Torgerson of CBRE represented the seller, a private investor who originally developed the property. CBRE’s Ryan Wilkinson facilitated the financing for the buyer. The CBRE team also represented the buyer in the transaction.

“The Inland Empire is proving to be one of the best multifamily markets in the nation with steady job growth, increasing rents and decreasing vacancy within the last 12 months,” said Torgerson. “The buyer owns multiple properties within the San Gabriel Valley, and we were happy to assist him in strategically adding a slightly bigger asset with significant upside within the dynamic Inland Empire to his portfolio.”