IE Business Daily Business news for the Inland Empire.
An apartment complex in Corona has been sold.
Promenade Terrace, a 330-unit community, sold for $78.5 million, or nearly $238,000 a unit, according to a statement released Wednesday.
Institutional Property Advisors, a division of Marcus & Millichap that works with institutional and major private real estate investors, represented the seller and found the buyer. Neither of which was identified.
The structure, at 451 Wellesley Drive near the 91 Freeway, was built in 1989 and is in need of major upgrades. It is less than half a mile from Corona Hills Plaza, a power center, and is within walking distance of Corona Hills Marketplace, a shopping mall, according to the statement.
