Record Price for Inland Empire Luxury Community
Berkadia sold a 288-unit property for $89 million, or $309,027 a unit.
By Veronica Grecu
Corona, Calif.—Roughly a year and a half since celebrating its grand opening, Palisades at Sierra del Oro landed a new owner.
Berkadia recently announced the sale of the 288-unit community in a $89 million deal that translates into $309,027 per unit. The buyer was Jackson Square Properties, a real estate investment company based in San Francisco.
“This deal represents the highest price-per-unit in the Inland Empire to date, which was well deserved considering the high-quality construction, design and location of the asset,” said Ed Rosen, Berkadia managing director.
The sale was funded with a $58.1 million loan provided by First Republic Part.
Designed by Orange-based Architects Orange and developed by MBK Rental Living, a division of MBK Homes, Palisades at Sierra del Oro is centrally located at Riverside County at 2300 Palisades Drive in Corona and targets renters looking for a sophisticated lifestyle away from the typical urban centers with resort-inspired amenities. The unit mix consists of 135 one-bedroom apartments, 141 two-bedroom units and 12 three-bedroom apartments equipped with stainless-steel appliances, modern cabinets and private patios or balconies.
According to property data collected by Yardi Matrix, rents at Palisades at Sierra del Oro start at $1,717 for a one-bedroom unit, $1,999 for a two-bedroom unit and $2,552 for a three-bedroom apartment.
Community amenities include a resort-inspired pool and spa, community gathering areas and barbecues, an outdoor lounge with a fireplace, a fitness center and a tot lot and playground for children and families. Palisader at Sierra del Oro also features a conference room, Wi-Fi in common areas, a clubhouse with full kitchen and TV, a package delivery system, as well as a covered parking garage with 573 spaces.
Image courtesy of Palisades at Sierra del Oro