**Brixton Capital Sells Moreno Valley Multifamily Property After Rebranding and Renovation**
Seven years after acquiring the property, privately held real estate investment firm Brixton Capital has sold the 227-unit multifamily community, Elevate at Towngate, to San Francisco-based FPA Multifamily. Located in Moreno Valley, the second-largest city in Riverside County, the seven-building complex has undergone significant transformation since its initial purchase.
Brixton Capital originally acquired the property in December 2017 for $28 million. Since then, the firm rebranded and renovated the community, ultimately selling it this month for $41 million.
“Elevate at Towngate is a textbook example of our value-add approach to multifamily real estate investment,” said Brixton Capital Chairman Marc Brutten. “Moreno Valley and its industries have grown tremendously since this property was built in 1973. With our acquisition, we saw an incredible opportunity to modernize and enhance the property to meet the community’s needs.”
The transaction was brokered by JLL’s Ryan Fitzpatrick, Chelsea Jervis and CJ Angle, who represented Brixton Capital. FPA Multifamily represented itself in the acquisition.
Elevate at Towngate offers units ranging from 590 to 1,224 square feet, including one-, two-, and three-bedroom layouts.
