IE Business Daily Business news for the Inland Empire.
A 44-year-old apartment complex in Moreno Valley has been sold.
Hemlock Terrace, a 15-unit structure at 23889 Hemlock Ave. north of the 60 Freeway, sold for $1.2 million, said Kevin W. Boeve, regional manager for Marcus & Millichap Ontario.
The buyer and seller were each described as private investment groups based in the Inland Empire. Their names were not released,.
The seller built the complex in 1971 and owned it until the sale was completed last month, Boeve said.
“The ownership group is [breaking up] and divesting all of its properties, so it became time to put this property on the market,” Boeve said of the complex, which was fully occupied at the time of sale.
Marcus & Millichap’s Douglas McCauley, first vice president of investments, and Mark Sanfilippo, an associate, represented the buyer in the negotiations, which took about three weeks to complete.
Blake Torgerson, also an associate with Marcus & Millchap, represented the seller.
The new owner plans to make some improvements to the property, including upgrades to its landscaping and other exterior improvements, Boeve said.
“It’s a good building in a nice location,” Boeve said of Hemlock Terrace, which sits on less than one acre and consists entirely of two-bedroom, one-bath units. “It’s a solid property.”
