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Murrieta Apartment Moves for $4.1 Million

Buy is part of trend revealing current popularity of multifamily in OC.

By Randyl J. Drummer | Updated on July 28, 2000

NEWPORT BEACH, CA—Local developer Warmington Land Co. has sold 17.4 acres at California Oaks Road and Jackson Avenue in the Riverside County community of Murrieta for a 264-unit apartment complex. California Oaks-Jackson Avenue Multi-Family LLC bought the land for $4.1 million from Warmington in a deal brokered by O’Donnell/Atkins Co. The property in the city’s California Oaks master-planned community has full entitlements and is near the Colony Golf Course.It’s little wonder investors are rushing to build apartment complexes. Existing properties, even those in B-list rental markets, are selling like crazy. In two recent deals, Marcus & Millichap Real Estate Investment Brokerage handled the sale of 44- and 50-unit complexes in San Bernardino. The 50-unit Mountain Terrace property at 4296 Sepulveda Blvd. fetched $1.3 million, while the 44-unit Sterling Villas on Sterling Avenue sold for $1.1 million.

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