The property, Oakcrest Villas Apartments, was acquired by the joint venture in March 2000. The complex stands at 3131 Watkins Dr. in Riverside.
The joint venture, Granite Villas Apartments LLC, was represented by Alex Mogharebi of The Marcus & Millichap Co. The buyer, RK Multifamily Fund XII LLC, was represented by RK Properties.
Investors continue to eye the Inland Empire's multifamily sector, as population growth in the region is still healthy. Last month, LaSalle Investment Management paid $25.5 million for a 412-unit apartment complex in Chino. Known as the Country Hills Apartments, the property covers several acres at 1530 Via Santiago.
LaSalle Investment, which manages more than $22 billion in US assets for public, private and pension funds, acquired the complex from Santa Barbara-based Investec Properties.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
