A private investor represented by Marcus & Millichap Real Estate Investment Services has purchased the El Dorado Pointe apartment complex in Moreno Valley, Calif. for $23.075 million or $69,924 per unit.
“The previous owner purchased the note on El Dorado Pointe and took title to the property through foreclosure,” says Alexander Garcia, a senior vice president of investments at Marcus & Millichap.
“Much work was put in to stabilize the property before the seller, a global investment management firm, returned the property to the market,” says Garcia. “The buyer obtained an attractive bridge loan to finance the purchase.”
Garcia and Steven Hsu, a vice president of investments, represented the buyer. Garcia and Hsu work from the firm’s Ontario, Calif. office.
The 330-unit property at 12159 Calle Sombra is just north of California State Route 60, at the Pigeon Pass Road exit in San Moreno. Built on 16.9 acres in 1986, the complex enjoys high visibility on both Ironwood Avenue and Hemlock Avenue.
El Dorado Pointe was and renovated from 2007 to 2008. The unit mix features 150 one-bedroom units and 180 two-bedroom units. At 283,320 sq. ft., the purchase price equates to roughly $81 per sq. ft.