Class A apartment project is sold
A 230-unit Class A apartment complex in Murrieta has been sold.
Mitchell Place, a gated community of apartments and townhomes that opened in June 2019, was sold for an undisclosed sum, according to a statement.
MBK Rental Living, the project’s developer, was the seller.
MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd. in Tokyo.
MG Properties in San Diego, which owns and operates multi-family properties on the west coast, bought the property.
The Mitchell Place sale is reportedly one of the largest apartment transactions in the Inland Empire this year.
“Mitchell Place established a new benchmark for rental living in southwest Riverside County, with exceptional design, beautiful interior and exterior amenities, and designer-selected unit finishes,” said Craig Jones, president of MBK Rental Living, in the statement. “Murrieta continues to be an attractive market that investors want to be in for the long term due to its tremendous market fundamentals.”
The project, at 35995 Mitchell Road, was fully leased less than one year after it opened. Its residences range from 787 to 1,294 square feet, and the property has “easy access” to Interstates 15 and 215, according to the statement.