November 29, 2016
Phoenix-based Alliance Residential Co. sold Broadstone Lasselle, a 304-unit multifamily community in Moreno Valley, CA to an undisclosed Orange County private investor for more than $55 million. The sales price equates to roughly $181,000 per unit.
The 15-building complex opened in 2006 and underwent nearly $2 million in improvements over the last 18 months, including a fitness center and an upgraded pool.
Marcus & Millichap IPA’s Alexander Garcia, Jr., along with Stewart I. Weston, Christopher Zorbas, David Sperling, and John Montakab, represented the seller.
Garcia, Jr. says, “Broadstone Lasselle is a core-quality Southern California multifamily asset, with proven value-add potential.”
Weston added, “Robust job growth in Moreno Valley, coupled with some of the strongest apartment fundamentals in the region, attracted the investor to Riverside County. Broadstone Lasselle is their first multifamily purchase in the county.”
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