September 9, 2016 Comments Off on Moreno Valley’s Largest MF Community Acquired for $99M Views: 385 California News, Inland Empire, West

Moreno Valley’s Largest MF Community Acquired for $99M

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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.”

Connect with Berkadia’s Zander

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Connect with Weidner Apartment Homes’ Kevin Colard

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