Southern California Multifamily Asset Sells for $78.5M

IPA, a division of Marcus & Millichap, has facilitated the sale of Promenade Terrace, a townhouse-style apartment community located in one of the Inland Empire’s most desirable submarkets.

Promenade Terrace, a 330-unit multifamily community located in Corona, Calif. has recently changed hands for $78.5 million, or approximately $238,000 per unit.

Promenade Terrace in Corona, Calif.

Promenade Terrace in Corona, Calif.

Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has arranged the sale of the property.

Alexander Garcia, Jr., Stewart I. Weston, and Christopher Zorbas, IPA senior directors, along with IPA Associate Directors David Sperling and John Montakab, represented the seller and procured the buyer.

“Promenade Terrace’s unique physical plan, which features a preponderance of townhouse-style layouts with direct access garages, make it one of the most attractive multifamily assets in the submarket,” Garcia said in prepared remarks. “Built in 1989, the property has yet to receive extensive upgrades, thus presenting the new owner with a true value-add investment opportunity.”

The community offers a mix of one- to three-bedroom units with an average size of approximately 1,090 square feet. Apartment amenities include full-size washer/dryers, central air conditioning and heating, linen closets, and private patios or balconies. Select units feature fireplaces, vaulted ceilings, and walk-in closets. Community amenities include an oversized clubhouse with leasing office and fitness center, two swimming pools, a playground, parking spaces and garages.

Promenade Terrace is located at 451 Wellesley Drive in Corona and borders State Route 91, a major east/west freeway. The property is less than a half-mile from Corona Hills Plaza, a 534,000-square-foot power center. The community is also situated within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties.

“Due to its proximity to Orange County, Corona is one of the most desirable submarkets in the Inland Empire,” added Weston. “Home prices here have seen a 28.4 percent increase in value over the past two years, which has led to a widening affordability gap and a significant occupancy driver for rental properties.”

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