Adelanto Apartment Asset Sells for $2.9M

ADELANTO, CA-A 96-unit Adelanto complex, known as Mariposa Apartments, has traded hands for $2.9 million.

Located at 11210 Auburn, the one-story property dates back to 1986. Its unit mix is split evenly between one-bedroom and one-bath floorplans and two-bedroom and one-bath designs. The complex is currently 100% occupied.

Alex Garcia and Bill Melton of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. acted on behalf of the seller, High Desert Management, and the buyer, a Southern California-based LP.

Mariposa Apartments is expected to benefit from the redevelopment of the former George Air Force Base, as the multifamily complex is located within walking distance of the 5,000-acre site, which is currently called the Southern California Logistical Airport. Owned by the City of Victorville, the 43.5-million-sf former base is being transformed into a massive, $1.5 billion development expected to bring 20,000 jobs to the region. According to a Marcus & Millichap spokesperson, “Mariposa Apartments is already benefiting from this growth, as income has increased the past 24 months straight at a rapid rate and continues to do so while continuing to operate at 100% occupancy.”