- Berkadia Completes $16.5 Million Sale of Apartment Building in California's Inland Empire
Berkadia announced today the recent sale of Tuscan Townhomes, a multifamily community located in Riverside, California to Advanced Real Estate Services, Inc. (ARES). Managing Director Vince Norris of the Los Angeles office and Senior Director Margie Molloy of the Inland Empire office completed the $16.45 million transaction for the seller, Pathfinder Stratford Tuscan Holdings LLC.
“This was a very attractive investment with lots of upside potential,” Norris said. “Based on the asset’s excellent location along Magnolia Avenue and proximity to the city of Corona, where rents for Class A apartments have been on the rise, the buyer anticipates that this investment will provide healthy returns.”
This sale attracted the attention of nearly 100 capital sources from both private individuals and institutional capital markets, culminating in nine qualified offers.
“The market fundamentals for the Riverside/Corona submarket are incredibly strong,” added Molloy. “This area has seen rents grow over 8.5 percent in the past year alone, while holding at nearly 97 percent occupancy and no market concessions.”
Originally planned as condominiums, and completed in 2010, Tuscan Townhomes is comprised of 63 two-bedroom, townhome units with private, direct access two-car garages. The interior amenity package includes full-size washer and dryer units, new black appliances, granite countertops and a breakfast bar. Many of the homes have been upgraded with a custom tile backsplash in the kitchen and wood-style flooring in the living areas.
ARES, which owns the adjacent 714-unit Corona Pointe Resort Apartments, will manage Tuscan Townhomes as if it is part of the larger community. This will allow the Townhomes residents to utilize the newly finished, resort-style amenities at Corona Pointe Resort. [RenTV
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