Inland Empire Apartments Sell in 1031 Exchange

A family trust purchased the property, which has high value-add potential, in a 1031 exchange, a transaction that multifamily investors have increasingly executed in the Inland Empire, which has a limited inventory of apartment communities for sale.
Jasmine Springs Apartments, Corona, Calif.

Jasmine Springs Apartments, Corona, Calif.

Investment Capital Real Estate has arranged the sale of Jasmine Springs Apartments, a 59-unit community in Corona, Calif., located in the Inland Empire submarket. A family trust purchased the property, which has high value-add potential, for $10.8 million, or $183,051 per unit, in a 1031 exchange. The company’s President Ignacio Diaz Jr. represented the seller, a local, privately held company. The property was fully occupied with long-term tenants at the time of the transaction.

“The multifamily asset class continues to see strong demand from real estate investors, with 1031 exchange buyers driving the market and paying the premium prices,” said Diaz, in prepared remarks. “With the limited inventory of multifamily properties for sale, this trend should continue.”

Built in 1988 on 2.7 acres at 909 Rimpau Ave., the community features 41 two-bedroom apartments with a monthly rent of $1,288 and 18 one-bedrooms priced at $995. Tenant amenities include individual water heaters, central air conditioning and heat, covered parking, patios, balconies and a central pool area. The property is just off Interstate 15 and close to the intersection with Route 91. The asset is just up the road from retail amenities at Temescal Village Plaza Shopping Center, which has just been acquired by Passco Cos.

Image courtesy of Investment Capital Real Estate