Value-Add Inland Empire Multifamily Asset Sold to 1031 Exchange Buyer by IPA
June 23, 2017
GRAND TERRACE, Calif., June 23, 2017 – Institutional Property Advisors (IPA) announced the sale of The Crest at Grand Terrace, a 228-unit apartment complex located in Grand Terrace, California. The $33,050,000 sales price represents $144,956 per unit.
“The Crest at Grand Terrace presented an extremely rare opportunity to acquire an institutionally sized apartment community that was virtually untouched,” says Alexander Garcia, Jr., senior managing director. “Located within a supply constrained submarket with strong apartment fundamentals, the property provides new ownership with an opportunity to create value through the implementation of a strategic unit interior renovation program. Essentially a blank canvas, the offering attracted significant interest from a wide range of investor profiles.”
Garcia, Christopher Zorbas, senior managing director, Tyler Martin, director, and David Sperling, senior director, represented the seller, a private investor, and procured the buyer, Auctus Capital Partners, which acquired the asset via a 1031 exchange.
Completed in 1978, the property is situated on more than nine acres at the signalized intersection of Mt. Vernon Avenue and De Berry Street, just off Interstate 215, and between Interstate 10 and the California State Route 60. Employers in the immediate area include Amazon, Loma Linda University Medical Center, Loma Linda University, Arrowhead Regional Medical Center and the University of California, Riverside.