CBRE recently facilitated the sale of Bevia Apartments, a 48-unit multifamily property in Moreno Valley. The property was sold for $8.72 million, equating to $181,667 per unit. Eric Chen and Blake Torgerson of CBRE represented both the buyer and seller in this transaction.
Located on Heacock Street and Dracaea Avenue in Riverside County, this community offers a variety of studio, one-, two- and three-bedroom floor plans. Following a fire that caused damage to some units, significant renovations have been completed by the previous owner. The new owner will continue with post-fire construction work to stabilize the property which was half vacant at the time of sale.
According to Chen: “This successful transaction demonstrates buyers’ confidence in today’s market for acquiring properties with heavy value-add potential.”
