Brixton Capital Sells California Community
FPA Multifamily purchased the seven-building property.
FPA Multifamily has purchased a 227-unit community in Riverside County, Calif., for $41 million. Elevate at Towngate, a seven-building property completed in 1974, was sold by Brixton Capital.
Elevate at Towngate features one-, two- and three-bedroom homes ranging from 590 to 1,224 square feet. Brixton Capital acquired the community in late 2017 for $28 million and rebranded and renovated it.
At the time of the most recent purchase the community was 90 percent occupied, according to Yardi Matrix data. The property features a clubhouse, fitness center, two pools, a tennis/pickleball court, a playground and laundry facilities.
The community is located in Moreno Valley, the second largest city in Riverside County. California State Routes 60 and 91 and Interstate 215 are in close proximity, providing easy transportation access throughout the larger California areas.
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Residents are nearby the Towngate Center, Moreno Valley Mall, the University of California at Riverside, Cal Baptist University, WinCo Foods, March Air Reserve Base, and the Sycamore Canyon Wilderness Park. Downtown Riverside is less than 10 miles away.
JLL’s Blake Rodgers, Chelsea Jervis and CJ Angle represented Brixton Capital, and FPA Multifamily represented itself in the deal.
Earlier this month, Rogers was also involved in The Bascom Group’s purchase of Highridge Apartments, a 257-unit value-add community in the coastal town of Ranchos Palos Verdes, Calif. The property sold for $127 million and features two pools and spas, two fitness centers, a tennis court, a clubhouse and parking.
