MORENO VALLEY, Calif., Feb. 9, 2017 – 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 Legends at Rancho Belago, a 206-unit multifamily community in Moreno Valley, California.
“Legends at Rancho Belago is a high-performing Southern California multifamily community that provides new ownership with a proven value-add opportunity through continued apartment renovations and common area and amenity upgrades,” says Alexander Garcia, Jr., IPA senior director. “The property is well positioned to receive the benefits of the Inland Empire’s population expansion, which is driven largely by millennials attracted by the region’s relatively low cost of living and the availability of jobs.”
Garcia, Christopher Zorbas, IPA senior director, and David Sperling, IPA director, represented the seller, the Reliant Group. The buyer, a private investor based in Los Angeles, acquired the asset via a 1031 exchange. This is the new owner’s first multifamily acquisition in the Inland Empire.
“Legends at Rancho Belago has received more than $1.6 million in interior and exterior upgrades since 2014,” adds Zorbas. “Continued improvements will bolster the property’s position as one of Moreno Valley’s premier rental living options.”