$146.5 Million Inland Empire Multifamily Sale Closed By Marcus & Millichap’s Institutional Property Advisors Division
May 20 2024 - 2:30PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Silverado
Apartment Homes, a 492-unit multifamily property in Murrieta,
California. The property sold for $146.5 million, which equates to
$297,764 per unit.
“Silverado presented a unique opportunity to acquire a newer
vintage Inland Empire asset with substantial upside in a burgeoning
submarket with strong fundamentals,” said Kevin Green, IPA
executive managing director investments. “Our controlled process
was met with a positive response and yielded a highly competitive
sales environment. The opportunity was bolstered by assumable
financing, approximately 300 basis points below today’s rates. The
acquisition gives the buyer a sizeable footprint in a strong
market.” Green and IPA’s Joseph Grabiec and Gregory Harris
represented the seller, Realty Center Management, Inc., and
procured the buyer, Bell Partners.
“Highlighting the above-average demographics in this submarket
drew additional activity in an area lesser known by the broader
investment market,” said Grabiec. “Average annual household income
in the area surrounding Silverado is $138,000, which is on par with
Orange County and over 11% higher than nearby Rancho Cucamonga and
Corona. Rents are projected to grow in Murrieta by 10.3% over the
next 12 months. Average year-over-year annual rent growth over the
next five years is projected to be 6.1%.”
Built in 2007 on 22 acres, the property is accessible from
interstates 215 and 15. Sierra Vista Plaza, Plaza Las Brisas, and
Murrieta Pointe shopping are nearby. Lake Skinner Recreation Area
and Santa Rosa Plateau Ecological Reserve, a 9,000-acre nature
conservation area, are within a short drive. Employers in Murrieta
include Rancho Springs Medical Center, Murrieta Valley Unified
School District, and Loma Linda University Medical Center.
Silverado Apartment Homes has two swimming pools and spas,
covered and garage parking, a central courtyard, a clubhouse with
an entertainment lounge and a demonstration kitchen. The apartments
have hardwood floors, walk-in closets, and washers and dryers. The
average unit size is 948 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240520173041/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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