Saturday, September 1, 2012
RIVERSIDE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Tuscan Luxury Townhomes (top left photo), a 63-unit apartment complex in Riverside. The sales price of $10,550,000 equates to $167,460 per unit and $138 per square foot.
Jim Kordell (middle right photo), a senior associate in Marcus & Millichap’s Ontario office, represented the seller, a private Washington State-based owner.
Eric Chen (lower left photo), also a senior associate in the firm’s Ontario office, represented the buyer, a real estate fund specializing in the acquisition of multifamily properties in the western United States.
“The property is a trophy asset that was 100-percent occupied at the time of the sale,” says Kordell.
“Tuscan Luxury Townhomes is currently the newest apartment complex to have been built in Riverside and its occupancy rate shows the willingness of renters to pay premium rents for modern living spaces,” adds Chen.
“This transaction illustrates the growing demand for new high-quality multifamily properties and is an indication of the Inland Empire’s improving investment market.”
The 76,464-square foot property is located at 11511 Magnolia Ave. off California State Route 91 in western Riverside.
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Public Relations Manager