IPA Sells Riverside County Multifamily Asset for Over $55 Million
Nov 21, 2016

MORENO VALLEY, Calif., Nov. 21, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Broadstone Lasselle, a 304-unit multifamily community in Moreno Valley, California. The $55,025,000 sales price equates to $181,003 per unit.

“Broadstone Lasselle is a core-quality Southern California multifamily asset with proven value-add potential,” said Alexander Garcia, Jr., IPA senior director. “The property has received a substantial amount of upgrades over the last 18 months and is poised to capture the benefits of a booming rental market and enjoy solid growth.”

Garcia, along with Stewart I. Weston, IPA executive director, Christopher Zorbas, IPA senior director, David Sperling, IPA director, and John Montakab, IPA associate director, represented the seller, Alliance Residential Co.

Moreno Valley, one of the fastest-growing cities in the Inland Empire, has several notable industrial hubs, and is ideally situated at the junction of Interstate 215 and State Route 60. 

“Robust job growth in Moreno Valley, coupled with some of the strongest apartment fundamentals in the region attracted the investor to Riverside County and helped make Broadstone Lasselle their first multifamily purchase in the county,” adds Weston.