IRVINE, Calif., May 10, 2017 /PRNewswire/ -- Investment Capital Real Estate President Ignacio Diaz Jr. represented the seller on this transaction. The seller was a local privately held company, and the buyer was family trust in a 1031 exchange.
Built in 1988 on 2.67 acres at 909 Rimpau Avenue Corona, California, the 59 unit community features forty one two-bedroom apartments and eighteen one-bedrooms. Tenant amenities include individual water heaters, central air conditioning and heat, covered parking, patios, balconies and a central pool area.
"This property offered investors the opportunity to acquire an asset with value-add potential in a strong rental market," said Diaz. "Corona has become a suburb to Orange County with continuous economic growth over the years giving apartment owners a strong tenant pool to draw from."
According to Diaz, "The multi-family asset class continues to see strong demand from real estate investors, with 1031 exchange buyers driving the market and paying the premium prices. With the limited inventory of multi-family properties for sale, this trend should continue."
Built on a solid foundation of performance, integrity, dedication and with investor satisfaction as the company's highest priority, Investment Capital Real Estate is a Southern California multi-family advisory firm and brokerage with a proven track record of delivering first class investment real estate services with superior results that consistently exceed client expectations. ICRE´s expertise, commitment and unwavering focus of putting the client's needs first have continued to set the company apart.
ICRE works closely with private investors, lending institutions, developers, and institutional property owners in every facet of a transaction to insure that the highest value is achieved through all investment objective levels. Clients rely on ICRE for multi-family valuation services, market information, 1031 exchanges, dispositions and acquisitions.
Investment Capital Real Estate is licensed with the California Department of Real Estate, BRE License #01887671. For more information, visit the Company's website at www.investmentcapitalre.com or call 949-201-8817.
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SOURCE Investment Capital Real Estate