Inland Empire Asset Trades in 1031 Exchange

Providence Capital Group placed a non-contingent offer for the 140-unit community in Hemet, Calif., which traded for $15.5 million. Marcus & Millichap represented the seller and procured the buyer.
Vista Gardens, Hemet, Calif.

Vista Gardens, Hemet, Calif.

Marcus & Millichap arranged the sale of Vista Gardens, a 140-unit apartment community in Hemet, Calif., on behalf of the seller and procured the buyer. Providence Capital Group purchased the asset for $15.5 million or $110,714 per unit, according to Yardi Matrix.

Located on six acres at 555 E. Fruitvale Ave., the two-story asset was built in 1987 and features 28 one-bedroom and 112 two-bedroom apartments. Interiors include dishwashers, private balconies or patios with storage space and granite countertops in select units. Property amenities include a pool, spa, barbecue and picnic area. The community had a 95.7 percent occupancy rate last month, slightly lower than the Inland Empire average occupancy of 96.1 percent, according to the latest Yardi Matrix report.

Non-contingent offer

“The seller is a repeat client who was looking to close quickly on a non-contingent offer,” says Reza Ghaffari, senior managing director of investments, in prepared remarks. “We were able to procure a buyer, with whom we had an existing relationship, seeking a replacement property for a 1031 exchange. The buyer was willing to make a non-contingent offer to the satisfaction of all parties involved.” Ghaffari represented both parties.

Hemet has a population of 124,530 with a median age of 36.7 and a median household income of $40,972, according to RENTCafé. The apartment community is within eight miles of Diamond Valley Lake and five miles of The Country Club at Soboba Springs and Mt. San Jacinto College. The property has easy access to State Routes 74 and 79.

Image courtesy of RENTCafé