IE Business Daily Business news for the Inland Empire.
A large multifamily community in Moreno Valley has been sold.
Broadstone Lasselle, a 304-unit complex near the intersection of Interstate 215 and the 60 Freeway, sold this month for a little more than $55 million, said Alex Garcia Jr., senior director with Marcus & Millichap’s Institutional Property Advisors division.
The seller was Alliance Residential Co. Phoenix, one of the largest apartment developers in the United States, said Garcia, who was part of the team that negotiated the deal.
The buyer’s name was not released.
“It’s a wealthy individual from Orange County,” Garcia said. “I’d say the sale price is in line with similar [residential] properties in the Moreno Valley market.”
That price works out to $181,003 per unit. The complex, which consists of 15 buildings, opened in 2006 and has received nearly $2 million in improvements since then, including a fitness center and an upgraded pool.
“It’s designed for young people who are on their way up,” Garcia said. “They want to rent, not own. Moreno Valley is leading the Inland Empire in job creation, so it’s the perfect location for this kind of project.”
