Bell Buys Inland Empire Community for $147M

Silverado Apartment Homes changed hands in an IPA-brokered transaction.

The Silverado Apartment Homes.
The Silverado Apartment Homes. Image courtesy of Institutional Property Advisors

Bell Partners has acquired Silverado Apartment Homes, a multifamily property in Murrieta, Calif., from Realty Center Management Inc. The transaction was brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap.

Situated at 25100 Vista Murrieta, Silverado Apartment Homes is a 492-unit community built in 2007. Apartment homes feature hardwood floors, walk-in closets, ceiling fans, washer-dryers and Internet access. A courtyard with green space is among common-area amenities.

“Our controlled outreach commenced as the 10-year treasury ran to upwards of 5 percent, sending shock waves through the industry, instilling an element of fear and hesitance in the marketplace,” Kevin Green, executive managing director of investments with IPA, told Multi-Housing News.

“As a result, capital’s willingness to invest, and therefore transactions, all but ceased to exist,” he continued. “The capital that was still actively engaged in the market was fearful of large capital outlays, as we were working to garner interest in a rare project of scale, 492 units and $145 million in value.”

The community is located on 22 acres and is accessible from Interstates 215 and 15. The Silverado Apartment Homes is between Los Angeles and San Diego, situated some 80 miles south and 65 miles north, respectively.

Adding intrinsic value

The IPA team overcame challenges by highlighting the intrinsic value of the real estate and the opportunity presented as a result of market conditions, Green told MHN of the deal.

“A very competitive process was created at a time where few others existed, driven by the depth and quality of our relationships and ability to articulate the true value of the real estate,” he concluded.

The location of Silverado Apartment Homes places residents near shopping, outdoor attractions and job centers. Retail centers Sierra Vista Plaza, Plaza Las Brisas and Murrieta Pointe are nearby. Lake Skinner Recreation Area and Santa Rosa Plateau Ecological Reserve are accessible with short drives by private automobile.

Nearby job hubs include Rancho Springs Medical Center and Murrieta Valley Unified School District. Last month, an Inland Empire multifamily report found the region to be among Southern California’s rental bright spots.

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