A 30-unit apartment complex in Moreno Valley has sold for $6.7 million.
That is the most ever paid for a multi-family property in that part of Riverside County, according to the The Mogharebi Group, the Costa Mesa-based real estate brokerage that negotiated the sale.
The sale price of Victory Gardens Homes, located at 13989 Moreno Rose Place, breaks down to $225,000 per unit.
The seller, was an out-of-state private investor, the buyer a private investment group based in Southern California. Further information about either party was not released.
“Due to below market rents, desirable location, attractive property layout, and 4.5 acres of excess developable land, Victory Gardens presented a tremendous value-add and development upside opportunity,” says Bryan LaBar, The Mogharebi Group’s vice president, in a statement. “As a result, there was a high level of interested buyers for this asset.”