Moreno Valley Apartments Fetch $10.7M

MORENO VALLEY, CA-A private investor bought the 225-unit Grand Meadows Apartments in this Riverside County city from another private investor for $10.7 million, or $47,556 per unit and an 8.8% cap rate.

The property is at 13400 Elsworth St. and comprises 200,960 rentable sf, according to Alex Mogharebi of Marcus & Millichap, the listing agent on the transaction.

Constructed in 1973, the Grand Meadows complex had undergone substantial renovations recently in a repositioning effort, according to Mogharebi. The complex consists of 66 one-bedroom, one-bathroom units of approximately 590 sf, 16 two-bedroom, one-bathroom units of approximately 830 sf, and 143 two-bedroom, two-bath units ranging from 840 to 1,240 sf. Rents range from $395 to $822. The property includes two swimming pools, two spas, a clubhouse and a playground, a gym, and volleyball and tennis courts. At the time of the sale, the complex was approximately 95% occupied.