Elevate at Towngate is 90% Leased After Rebranding and Renovation
Seven years after purchasing Elevate at Towngate, Brixton Capital, a privately held real estate investment firm, has sold the property to San Francisco-based FPA Multifamily. Elevate at Towngate is a 227-unit, seven-building apartment community in Moreno Valley, the second largest city in California’s Riverside County.
Brixton Capital acquired the property in December 2017 for $28 million, rebranded and renovated the multifamily community, then sold Elevate at Towngate this month for $41 million.
“Elevate at Towngate is a textbook example of our value-add approach to multifamily real estate investment,” said Brixton Capital Chairman Marc Brutten. “Moreno Valley and its industries have grown tremendously since this property was built in 1973. With our acquisition, we saw an incredible opportunity to modernize and enhance the property to meet the community’s needs.”
Homes at Elevate at Towngate range from 590 to 1,224 square feet and from one to three bedrooms. Residents live in proximity to Towngate Center, Moreno Valley Mall, University of California at Riverside, Cal Baptist University, downtown Riverside, WinCo Foods, March Air Reserve Base and Sycamore Canyon Wilderness Park. California State Routes 60 and 91 and Interstate 215 are easily accessible.
“Every investment we make involves a careful analysis of the market dynamics,” said Brixton President Rob Taylor. “In Moreno Valley, located in one of the fastest growing counties in the nation, we’ve witnessed growth fueled by logistics and healthcare. Today, its robust local multi-housing fundamentals are driven by short-term supply and runaway home affordability.”
JLL’s Blake Rogers, Chelsea Jervis and CJ Angle represented Brixton Capital in the sale. FPA Multifamily represented itself.
For more information, please contact: Kim Masayko Managing Director, Kmasayko@brixtoncapital.com (619) 733-5944).
