IE Business Daily Business news for the Inland Empire.
A 184-unit multifamily development in Riverside has been sold.
PCCP, a national real estate finance and investment management firm, and Alliance Residential Co., a rental residential real estate developer based in Scottsdale, Az., bought the property at 9179 Indiana Ave. for $65.3 million, according to a statement released by both companies.
Information about the seller was not disclosed. The average unit covers an estimated 873 square feet.
The development sits on 6.7 acres acres and consists of 16 three- and two-story buildings and one single-story “amenity” structure used by residents of the complex. It’s near Kaiser Permanente Riverside Medical Center, Riverside Community Hospital, Riverside University Health System, UC Riverside, and California Baptist University.
