June 26, 2017 Comments Off on Value-Add MF Asset Sold to 1031 Exchange Buyer Views: 1019 California News, Inland Empire

Value-Add MF Asset Sold to 1031 Exchange Buyer

Auctus Capital Partners acquired the Crest at Grand Terrace, a 228-unit apartment complex located in Grand Terrace, CA for more than $33 million. The sales price equates to $144,956 per unit, and the asset was acquired via a 1031 exchange.

Institutional Property Advisors’ (IPA) Alexander Garcia, Jr., Christopher Zorbas, Tyler Martin, and David Sperling represented the seller, an unnamed private investor, and procured the buyer,

Completed in 1978, the property is situated on more than nine acres at 22491 De Berry St., at the signalized intersection of Mt. Vernon Avenue and De Berry Street, just off Interstate 215.

Garcia, Jr. says, “The Crest at Grand Terrace presented an extremely rare opportunity to acquire an institutionally sized apartment community that was virtually untouched.”

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