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.
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