By Adriana Pop, Associate Editor
Bridge Investment Group LLC of Salt Lake City has expanded its Inland Empire multifamily portfolio with the acquisition of The Reserve at Rancho Belago, a 176-unit apartment community located at 15100 Moreno Beach Drive in Moreno Valley, Calif.
Bristol Brokerage Company Inc. of San Diego sold the property for $30.1 million, or $171,023 per unit.
Senior Directors Margie Molloy and Spencer Scott of the Inland Empire and North Los Angeles Berkadia offices, respectively, completed the transaction on October 20.
Bridge Investment is now planning to continue the property’s revamp, which has been initiated by the seller.
Completed in 2005, The Reserve at Rancho Belago offers a mix of one-, two- and three-bedroom floor plans. Unit amenities include fully equipped kitchens with pantries, crown molding, vaulted ceilings, custom lighting, fire places, cable and internet access, full-size side-by-side washers and dryers, and extra storage. Select units feature walk-in closets, hardwood inspired floors and detached garages. Community amenities include barbeque and picnic areas, a resort-style swimming pool with fountain, clubhouse, business center, conference room and fitness center.
The community is situated near Interstate 215 and State Route 60, within 10 miles of the Moreno Valley Mall at Towngate and less than five miles from the World Logistics Center. The area’s top employers include Riverside County Regional Medical Center, March Air Reserve Base, and numerous distribution centers including Walgreens, Proctor and Gamble, Amazon, Ross Dress for Less and Sketchers.
“The buyer saw The Reserve as an opportunity to purchase a value-add asset and expand its Inland Empire portfolio,” Molloy said in prepared remarks. “The property, and the Southern California region overall, holds a great deal of investment potential, and the buyer plans to continue renovations and upgrades.”
According to Berkadia, during this year’s third quarter, the metro-wide vacancy rate in the Inland Empire decreased 40 basis points to 4.4 percent, while average asking rents reached $1,367 per month.
Photo credits: Yardi Matrix