CBRE Arranges $8.72 Million Sale of Bevia Apartments in Moreno Valley

CBRE facilitated the $8.72 million sale ($181,667 per unit) of the 48-unit property, Bevia Apartments, at 13260 Heacock Street in Moreno Valley, Calif., to Bevia Apartment Owners I LLC.

Eric Chen and Blake Torgerson of CBRE represented both the buyer and seller, Bevia Apts LLC, in the transaction.

"This transaction signals the confidence from buyers in today's market to purchase heavy value-add opportunity, to reposition and capture additional value in this property," said Mr. Chen, executive vice president at CBRE.

The community, located on the southeast corner of Heacock Street and Dracaea Avenue, features a mix of studio, one-, two- and three-bedroom floor plans. The property has undergone significant renovation after a fire had damaged units. The new owner will continue to finish up post-fire damage construction and stabilize the property, which, at the time of sale, was half vacant due to the fire.

According to CBRE research, in Q1 of 2023, the Moreno Valley/University City region had 14,704 multifamily units with an average rent of $2,155 per month. As the second most populated city in Riverside County, the city has sound fundamentals for garden-style apartment living.