CORONA, CA—Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has completed the sale of Promenade Terrace, a 330-unit apartment community located in Corona, near the Orange County border. The $78.5 million sales price equates to nearly $238,000 per unit.
Alexander Garcia, Stewart Weston, and Christopher Zorbas, IPA senior directors, along with IPA associate directors David Sperling and John Montakab, represented the seller and procured the buyer.
“Promenade Terrace's unique physical plan, which features a preponderance of townhouse-style layouts with direct access garages, make it one of the most attractive multifamily assets in the submarket,” says Garcia. “Built in 1989, the property has yet to receive extensive upgrades, thus presenting the new owner with a true value-add investment opportunity.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
