The Foundation for Affordable Housing purchased the Rancho Las Brisas Apartments at 40125 Los Alamos Rd. in Murrieta, CA for $19.9 million, or $99,500 per unit, from LNR Partners, Inc.
The property was about 97 percent occupied at the time of sale. The buyer will be completing some capital improvements and will be converting the multifamily asset into an income-restricted community.
Built in 1989, the property totals 154,960 square feet on 10.5 acres located at the southeast corner of Los Alamos Rd. and Hancock Ave. The complex consists of 48 one-bedroom and 152 two-bedroom units.
Chris Hansen and Judd Dunning with Newmark Knight Frank represented the seller. Alex Mogharebi with Hendricks & Partners represented the buyer.
Please refer to CoStar COMPS #2240844 for more information on this transaction.