Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of LuxLiv Apartments, a 62-unit apartment property in Riverside, California.
“The Inland Empire continues to experience strong employment growth in the healthcare, government, and logistics sectors,” said Kyle Pinkalla, IPA senior vice president. “LuxLiv’s Riverside location provides residents with access to employment hubs in Los Angeles, Orange County, San Gabriel Valley, and the South Bay.” Pinkalla and IPA’s Alexander Garcia, Jr. and Chris Zorbas represented the seller, Redhill Realty Investors, LP and procured the buyer, Vanamor Investments. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson arranged the acquisition financing.
The property is just off California State Route 91, near Interstates 15 and 215, which connect to job centers throughout the Inland Empire. The La Sierra Metrolink station is two miles from the property and shopping and entertainment are nearby at Magnolia Place, Galleria at Tyler, and West Plaza Shopping Center. Employers in proximity include Kaiser Permanente Riverside Medical Center, California Baptist University, and Riverside City College.
Completed in 2013 as a condominium community, LuxLiv is a gated, 10-building property with a swimming pool, shower and restrooms, fitness center, outdoor kitchen with barbecues, gazebo, and electric vehicle charging station. Each unit has a garage, 9-foot ceilings, and full-size washers and dryers.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
