Institutional Property Advisors (IPA), a division of Marcus & Millichap
specializing in serving institutional and major private real estate
investors, announced the sale of Promenade Terrace, a 330-unit apartment
community located in Corona, Calif. near the Orange County border. The
$78.5 million sales price equates to nearly $238,000 per unit.
Alexander Garcia, Jr., Stewart I. 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.”
“Due to its proximity to Orange County, Corona is one of the most
desirable submarkets in the Inland Empire,” adds Weston. “Home prices
here have seen a 28.4 percent increase in value over the past two years,
which has led to a widening affordability gap and a significant
occupancy driver for rental properties.”
Promenade Terrace is located at 451 Wellesley Drive in Corona and
borders State Route 91, a major east/west freeway. The property is less
than a half-mile from Corona Hills Plaza, a 534,000-square-foot power
center, and is within walking distance of Corona Hills Marketplace, a
270,000-square-foot shopping mall, and near light rail transit to Los
Angeles, Orange and San Bernardino counties.
Apartments at Promenade Terrace range from one- to three-bedroom units.
The average size is approximately 1,090 square feet. Units feature
full-size washer/dryers, central air conditioning and heating, linen
closets, and private patios or balconies. Select units have fireplaces,
vaulted ceilings, and walk-in closets. Community amenities include an
oversized clubhouse with leasing office and fitness center, two swimming
pools, a playground, parking spaces and garages.
With a network of senior-level investment advisors located throughout
the United States, Institutional Property Advisors (IPA) is qualified to
meet the needs of institutional and major private investors. IPA’s
combination of real estate investment and capital markets expertise,
industry-leading technology, superior support services and acclaimed
research offer customized solutions for the acquisition and disposition
of institutional properties and portfolios.
www.IPAusa.com
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