MBK Rental Living has sold Metro Gateway, a 187-unit luxury community in the Inland Empire, to Davlyn Investments for $60 million in an off-market transaction. City National Bank provided the buyer with acquisition financing.
The community opened its doors in December 2017, roughly two years after it broke ground. Zions Bank provided a $21.2 million construction loan for the project.
Located at 3411 Grande Vista Parkway in Riverside, Calif., the community’s five buildings are situated next to the La Sierra Metrolink station, which connects the area to downtown Los Angeles, Orange County and northern San Diego County. The property is near a number of industrial areas—according to Yardi Matrix, 7.2 million square feet of warehouse and distribution center space is within 5 miles of Metro Gateway.
The community has a mix of studio, one- and two- and three-bedroom apartment and townhouse units, with floorplans ranging from 649 to 1,309 square feet. Property amenities include a two-story fitness center, a swimming pool, rentable storage units, solar carports and a clubhouse. In June, the asset was 92 percent occupied, per data from Yardi Matrix.
JLL’s Sean Deasy and Ryan Fitzpatrick represented the seller in the deal. The purchase is Davlyn Investments’ 11th acquisition in the market.