IE Business Daily Business news for the Inland Empire.
International Village, a 92-unit student housing complex on the campus of UC Riverside, has been sold.
The multifamily project, which was built in 2001 exclusively for student use, sold for $20 million to an investment group in the San Gabriel Valley, said Otto Ozen, executive vice president with The Mogharebi Group in Costa Mesa.
The seller was JKR Development LLC in East Meadow, New York. The buyer’s name was not released, although Ozen did say it’s based in the Pasadena area.
The Mogharebi Group represented both parties in the transaction, which was completed late last month following a three-month escrow and announced shortly thereafter. The UC Board of Regents has a ground lease on the site that runs through 2049, according to Ozen.
“It’s a great property, right across the street from the campus,” Ozen said. “You can walk directly to the classrooms, and you’re also close to public transportation.”
