$33.85-million Acquisition of Legends at Rancho Belago Apartments in Moreno Valley, CA
Avison Young negotiates $33.85-million acquisition of Legends at Rancho Belago Apartments in Moreno Valley, CA
Moreno Valley, CA – Avison Young announced today that it has brokered the $33.85-million acquisition of Legends at Rancho Belago, a 206-unit apartment property in Moreno Valley, CA.
Avison Young Principal Peter Sherman, based in Los Angeles, represented the 1031 Exchange buyer, Cherry Heights, LLC.
“My client was on a tight timeframe to acquire a multi-family asset as part of the upleg in the 1031 exchange,” comments Sherman. “We worked closely together, quickly identifying and negotiating off-market and marketed opportunities that fit the company’s strategic ownership needs. Legends at Rancho Belago was an outstanding fit. The property is well-poised to appreciate and see future rent growth, as the demand drivers in Moreno Valley are strong. This specific area of the Inland Empire is seeing terrific population growth and an influx of higher-paying jobs bolstered by the recent development of new logistics centers, such as Amazon’s approximately 2-million-square-foot facility and a growing concentration of medical services and education embodied by the Riverside University Health System and the new Kaiser Permanente.”
Sherman adds that the seller, The Reliant Group, represented by Institutional Property Advisors, had recently renovated a number of the units and completed an extensive renovation and expansion of the clubhouse. The buyer plans to improve upon the level of current renovations to meet the tenant demand for quality rental residences in the market.
Located at 13292 Lasselle Street, Legends was originally built as a 40-unit for-sale condominium property in 1993, while the remaining 166 apartment units were built in 2006. In February 2016, the entirety of the units commenced operating as a rental community.
The low-density, garden-style property is situated on a 13.22-acre lot. The unit mix includes 42 one-bedroom/one-bathroom units and 164 two-bedroom/two-bathroom units. On-site amenities include a resort-style swimming pool and Jacuzzi, fitness center, clubhouse, playground, barbeque and picnic areas, and controlled access entry.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.