IE Business Daily Business news for the Inland Empire.
A 45-unit apartment complex in Moreno Valley has been sold.
Bevia Apartments, a two-story structure at 13260 Heacock St., sold for $6.6 million to a local investor, CBRE announced today.
Built in 1979, the complex covers 39,200 square feet on 2.3 acres. It includes full-time security, gated parking, a laundry room and swimming pool and 66 parking spaces.
CBRE represented the buyer and the seller in the transaction, both of whom wished to remain anonymous.
Bevia Apartments is two miles Moreno Valley Mall, the area’s largest shopping mall. It’s also nearly the Pomona Freeway, the connection between the city and Los Angeles County.
Currently, Moreno Valley has more than 210,000 residents and is one of the fastest-growing cities in Riverside County.
This is a good time to be a landlord in the Inland Empire: the region’s multifamily vacancy rate was 3.2 percent during the third quarter of 2019, according to CBRE.
