February 8, 2017 Comments Off on $34M Exchange Completed for Apartment Asset Views: 697 California News, Inland Empire

$34M Exchange Completed for Apartment Asset

Legends at Rancho Belago, a 206-unit apartment property in Moreno Valley, CA, was acquired by Cherry Heights LLC for $33.9 million. The transaction completed the upleg for the 1031 Exchange buyer.

The seller, The Reliant Group, recently completed renovations on a number of the units, as well as an extensive renovation and expansion of the clubhouse. The buyer plans to improve upon the level of current renovations, to meet the tenant demand for quality rental residences in the market.

The low-density, garden-style property is situated on 13.2 acres. The market is experiencing population growth and an influx of higher-paying jobs at newly developed logistics centers, as well as a growing concentration of nearby medical services and education facilities.

Avison Young’s Peter Sherman represented the buyer. The seller was represented by Institutional Property Advisors.

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