Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Stonegate Apartments, a 160-unit multifamily asset in Riverside, California.
“With average rents in the Riverside submarket projected to grow 7.9 percent over the next 12 months and 27 percent over the next five years, Stonegate Apartments is poised to produce strong returns for the buyer,” said Alexander Garcia Jr., IPA executive director. Garcia and IPA’s Christopher Zorbas, Kevin Green, Greg Harris, and Joseph Grabiec represented the seller, Pacific Living Properties and procured the buyer, Universe Holdings. “Built in 1987 and partially renovated, new ownership has the opportunity to renovate the unit interiors and capture over 40 percent of upside in rental income via renovation premiums and loss-to-lease capture,” added Green. “This is our third-largest acquisition in the Inland Empire, and we intend to continue growing Universe’s footprint in this booming multifamily market,” said Henry Manoucheri, CEO of Universe.
The property’s location in Riverside’s Arlington neighborhood is close to five major freeways, California Routes 60 and 91 and Interstates 10, 15 and 215, giving residents access to over 1.9 million jobs in the Inland Empire and many more within commuting distance in Orange and Los Angeles counties. Shopping is nearby at Stater Brothers, Galleria at Tyler, Ontario Mills and Victoria Gardens. Riverside City College and the Jurupa Valley/Pedley Metrolink train station are a short drive away.
Amenities at Stonegate Apartments include a fitness center, swimming pool, covered parking, four laundry rooms, and a business center. The average unit size is 800 square feet.
