September 9, 2016
Connect Inland Empire returns on October 6! Check out the line-up and register here.
San Diego-based Davlyn Investments Inc. sold Stonegate at Towngate, a 552-unit residential apartment community in Moreno Valley, CA to Kirkland, WA-based Weidner Apartment Homes for $98.5 million. The value-add transaction represents one of the largest price tags for a single asset, market rate sale in the Inland Empire in the past year.
Berkadia’s Dean Zander and Spencer Scott represented the seller, which purchased the 26-acre neighborhood just after it was completed in 2007. The property is the largest apartment community in Moreno Valley.
Zander notes, “[Stonegate] represented a strategic value-add opportunity; with only one-third of the units upgraded to some degree, minimal additional interior upgrades will allow the buyer to achieve a significant rent premium over the current rental rates, while maintaining very strong occupancy.”
For comments, questions or concerns, please contact Dennis Kaiser