Weidner Sells Inland Empire Asset for $65M
The property last traded for $24 million.
Weidner Apartment Homes has sold River’s Edge Apartments, a 184-unit multifamily property in Lake Elsinore, Calif. An entity associated with Atlantic Pacific Cos. purchased the asset for $64.5 million.
Northmarq brokered the transaction, representing both parties. Kyle Pinkalla, managing director of the company’s San Diego investment sales team, closed the sale.
Weidner picked up the property at 2088 E. Lakeshore Drive in 2013, for $24 million, according to Yardi Matrix data. Completed in 2007, River’s Edge Apartments offers one- and two-bedroom apartments across nine separate buildings. Common-area amenities include a swimming pool with jacuzzi, fitness center and clubhouse.
The community is situated in proximity of Lake Elsinore and Interstate 15, River’s Edge Apartments sits near a large retail, entertainment and dining hub. Numerous green areas are within a 2-mile radius, while downtown Riverside, Calif. is a 35-minute drive north.
Recently, Northmarq arranged the $17.8 million refinancing of a 71,891-square-foot self storage facility in San Diego. U-Stor-It, a division of Chicago Capital Funds, is the owner of the Class A property that came online in 2021.