Marcus & Millichap (NYSE: MMI) recently closed the sale of a three-property multifamily portfolio in the Inland Empire for $53.4 million. The properties included Rialto Breeze Apartments, a 98-unit asset built in 1985; Parkview Manor Apartments, a 76-unit property constructed in 1987; and Staci Court Apartments with 60 units also built in 1987.
Alexander Garcia Jr., Executive Director with Marcus & Millichap’s Institutional Property Advisors division, commented on the transaction saying “The Inland Empire continues to attract renters from higher priced metros nearby and provide active multifamily investors with some of Southern California’s best income producing assets.” Bill Roblero VP Investments at Marcus & Millichap’s Inland Empire office represented Clear Capital LLC as buyer for this portfolio.
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