Moreno Valley apartment complex fetches record price

An apartment community in Moreno Valley has sold for $10.7 million, reportedly a record price for an apartment complex in that market.

The sale price for Baywood Villas, a 56-unit community at 22945 Bay Avenue, works out to $190,171 per unit or $196 per square foot, according to a statement released Thursday by The Mogharebi Group, the property’s owner.

Mogharebi, a multifamily and investment banking firm with offices throughout Southern California, sold the property to an investment group in Northern California whose name was not released.

The previous record price for an apartment community in Moreno Valley was $202,500 per unit, a mark that was set in 2007, when the housing market was near its peak.

One reason for the record price this time was a lack of available apartments in the Moreno Valley market, according to the statement.