Redlands apartment sells for just under $45 million
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.