RIVERSIDE, CA Sept. 14, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Waterstone Magnolia (top left photo), a 304-unit multifamily community located at 3610 Banbury Drive in Riverside.
The sales price of $32.5 million represents $106,908 per unit, or $139 per foot.
“This well-maintained apartment complex in the heart of the Inland Empire was an excellent value-added play for the new ownership,” says Doug McCauley (lower right photo), regional manager of the firm’s Ontario office.
“Waterstone is positioned for both short- and long-term growth because of the area’s improving demographics and its proximity to schools, universities, prime retail corridors, key employers and Southern California’s freeway system.”
Constructed in 1985, the 233,584-square foot Waterstone Magnolia has a mix of one- and two-bedroom apartments spread across 15.15 acres in an urban infill setting. The apartment community is easily accessible from State Routes 91 and 60, as well as Interstate 15. In addition, residents can walk to nearby restaurants, the Galleria at Tyler Mall and Kaiser Permanente Riverside Medical Center.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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