IE Business Daily Business news for the Inland Empire.
A seven-building apartment complex in Moreno Valley has been sold for $41 million.
Brixton Capital, a private real estate investment firm in Solana Beach, recently sold Elevate at Towngate to FPA Multifamily in San Francisco, according to a statement.
Built in 1973, the 227-unit apartment complex is at 13400 Ellsworth St. Brixton Capital bought the property for $28 million in December 2017, then undertook a rebranding and renovation.
“Moreno Valley and its industries have grown tremendously since this property was built,” said Marc Brutten, Brixton Capital’s chairman, in the statement. “We saw an opportunity to modernize and enhance the property to meet the community’s needs.”
Homes at Elevate at Towngate range from 590 to 1,224 square feet and from one to three bedrooms. It is near Towngate Center, Moreno Valley Mall, UC Riverside, Cal Baptist University, downtown Riverside and March Air Reserve Base.
