Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The properties, Rialto Breeze Apartments, a 98-unit asset in Rialto, Parkview Manor Apartments, a 76-unit property in Corona, and 60-unit Staci Court Apartments in Redlands sold together for $53.4 million.
“The Inland Empire continues to attract renters from higher-priced metros nearby and provide active multifamily investors with some of Southern California’s best income-producing assets,” said Alexander Garcia, Jr., executive director with Marcus & Millichap’s Institutional Property Advisors division (IPA). Garcia and Bill Roblero, vice president investments in Marcus & Millichap’s Inland Empire office, represented the buyer, Clear Capital LLC.
Built in 1985 on five acres in a residential neighborhood, Rialto Breeze is accessible from Interstates 10, 15, 210 and 215, and California State Routes 60, 91. The Rialto Metrolink San Bernardino Line station, Ontario Mills, Inland Center Mall, Victoria Gardens and a Walmart Neighborhood Market are nearby. Apartments have double-paned windows, dishwashers and walk-in closets. The gated, controlled-access property’s community amenities include a swimming pool and laundry facilities.
Parkview Manor Apartments was constructed in 1987 on 3.5 acres near California State Route 91 and Interstate 15. The Corona/West Metrolink station, Norco College, and La Sierra University are nearby, and Village Center Plaza is within a short walk. Community amenities include a swimming pool, fitness center and picnic area. Apartments have granite kitchen countertops, dishwashers and a balcony or deck.
Staci Court Apartments was constructed on 3.5 acres in 1987 near Interstate 10, close to the University of Redlands and Downtown Redlands. Shared amenities include a swimming pool, spa and business center. Apartments have dining rooms, linen closets and washers and dryers.
