Universe Holdings Acquires 160-Unit Inland Empire Asset

Stonegate Apartments. Image courtesy of Institutional Property Advisors

Universe Holdings has acquired Stonegate Apartments, a 160-unit community in Riverside, Calif., from Pacific Living Properties. Marcus & Millichap‘s Institutional Property Advisors worked on behalf of the seller, also procuring the buyer.

This is the company’s third-largest acquisition in the Inland Empire, said Henry Manoucheri, CEO of Universe Holdings, in prepared remarks, as the firm intends to grow its footprint in the market.

Built in 1987 and located at 6506 Doolittle Ave., in the Arlington neighborhood of Riverside, Stonegate is within reach of five major freeways, interstates 10, 15 and 215, and California routes 60 and 91. The positioning of the property provides access to more than 1.9 million jobs in the Inland Empire and many more within commuting distance of Los Angeles and Orange counties.

Shopping and education destinations are also in the proximity of Stonegate. Stater Brother, Galleria at Tyler, Ontario Mills and Victoria Gardens offer shopping and dining options, while Riverside City College and the Jurupa Valley/Pedley Metrolink train station are a short drive away.

Besides covered parking, amenities at the property include a fitness center, a swimming pool, a business center, a playground, a spa and four laundry rooms.

IPA Managing Director Alexander Garcia, Executive Directors Kevin Green and Joseph Grabiec and Executive Managing Director of Investments Gregory Harris, worked on behalf of Pacific Living Properties.

A great opportunity for growth in the Inland Empire

With average rents in the Riverside submarket projected to grow by 27 percent over the next five years, Stonegate Apartments is expected to generate a significant return for the buyer, Garcia said in prepared remarks. Green also stated that the new owner will have the opportunity to renovate unit interiors and capture more than 40 percent of upside in rental income.

Less than a month ago, LivCor sold another Inland Empire property. Silver Star Real Estate acquired the 304-unit Metro 3610.