IE Business Daily Business news for the Inland Empire.
Avison Young has completed the sale of a 206-unit apartment complex in Moreno Valley.
Legends at Rancho Belago sold for $33.8 million to a group of private investors, according to a statement released Tuesday.
The property at 13292 Lasselle St. was built in 1993 as a 40-unit condominium project. The 166 apartment units were built in 2006.
Legends at Rancho Belago is positioned to appreciate and experience rent growth during the next few years, in part because Moreno Valley is experiencing population growth and an influx of well-paying jobs, said Peter Sherman, principal with Avison Young.
The seller was The Reliant Group, a real estate investment and management firm in San Francisco.
Moreno Valley’s economy has been helped by the development of several major projects, including amazon.com’s two-million-square-foot facility at 24208 San Michele Road , Sherman said in the statement.
