Redlands apartment sells for just under $45 million

By on November 20, 2019
Inland Empire Shopping Center Sold.

A 198-unit apartment complex in Redlands has been sold for nearly $45 million.

Citrus Grove Apartment Homes consists of 24 buildings that cover 169,000 square feet on 11.7 acres, according to a statement.

The project, next to the University of Redlands at 1230 E. Lugonia Ave., sits on 11.7 acres. It includes mostly two-bedroom/two-bath units, and its sale price breaks down to $224,747 per unit.

The Mogharebi Group, a Costa Mesa brokerage firm that specializes in multifamily properties throughout California, represented both sides in the transaction. Each was identified only as a private investment group in Los Angeles.

Citrus Grove was built in 1985. It has a swimming pool, three laundry rooms, fitness center, combined tennis and basketball courts, a sand volleyball court, outdoor picnic areas and private garage parking, according to the statement.