IE Business Daily Business news for the Inland Empire.
A 227-unit apartment complex in Moreno Valley has been sold.
Mediterranean at Towngate sold for nearly $28 million, according to a statement released by CBRE.
TruAmerica, a Los Angels-based company that renovates and repositions multifamily properties, was the seller. The buyer was New Standard Equities, a real estate investment and asset management firm in Encino.
CBRE represented TruAmerica in the negotiations. New Standard Equities represented itself.
Located at 13400 Elsworth St., Mediterranean at Towngate covers more than 201,000 square feet. It includes two swimming pools and spa, a playground, sports court, barbecue area and a resident lounge.
CBRE received multiple offers for the property, which is near Moreno Valley Mall.
Mediterranean at Towngate has 45 units available to anyone who makes 50 percent to 80 percent of the median local income, according to the statement.
