IE Business Daily Business news for the Inland Empire.
An apartment complex in Menifee has sold for $6.5 million.
The 34-unit community at 28378 Encanto Drive was purchased recently by a private investor whose name was not released.
The seller also wished to remain anonymous. CBRE represented both parties.
Built in 1992, the complex is on nearly three acres. It’s made up of two-bedroom, two-bath units, both single-story and townhouse. The property is less than one mile from Interstate 215.
“The Inland Empire is proving to be one of the best multifamily markets in the nation with steady job growth, increasing rents and decreasing vacancy within the last 12 months,” said Blake Torgerson, senior associate with CBRE Ontario and a member of the negotiating team.
“The buyer owns multiple properties within the San Gabriel Valley, and we were happy to assist him in strategically adding a slightly bigger asset with significant upside within the Inland Empire to his portfolio.”
