Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit multifamily property for seniors in Hemet, California. The asset traded for $23.85 million.
“One of the fastest-growing submarkets in Southern California, the Inland Empire is well-suited to meet demands for seniors housing,” said Bill Roblero, vice president investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior Living Apartments is an excellent candidate for an interior and exterior renovation program that will reposition it as a seniors housing market leader.” Roblero, IPA’s Alexander Garcia Jr. and Christopher Zorbas represented the seller. The buyer, Investment Concepts, represented themselves.
The property is located off Interstate 215, close to major employers, including Amazon distribution and fulfillment centers. The Hemet Valley Medical Center, Menifee Valley Medical Center, San Gorgonio Memorial Hospital and the Soboba Casino Resort are within a short drive. The resident amenity package includes a swimming pool and spa, laundry facilities, a clubhouse, leasing office, barbecue area and covered parking.