September 9, 2016 Comments Off on Moreno Valley’s Largest MF Community Acquired for $99M Views: 254 California, 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

Connect with Davlyn Investments

Connect with Weidner Apartment Homes’ Kevin Colard

For comments, questions or concerns, please contact Dennis Kaiser

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