IE Business Daily Business news for the Inland Empire.
CBRE has completed the sale of a 15-unit apartment complex in Moreno Valley.
The 12,960-square-foot property at 24668 Eucalyptus Ave. sold for $2.1 million in an all-cash transaction, according to a statement.
CBRE represented the buyer, a local investor who owns several properties in Moreno Valley. The seller was a private family trust that was represented by an outside broker.
The project consists of two-bedroom and one-bathroom units. It has ample part, a laundry room and a large outdoor recreation area.
“This was a great opportunity for the buyer to acquire an apartment community near several other properties they already own,” said Blake Torgerson, an associate with CBRE Ontario who helped negotiate the deal. “The complex is located in an area that is seeing significant job growth, with high rental demand, that will continue to see rent growth into the near future.”
