SAN DIEGO — August 17, 2021 — Berkadia announced today the $46 million sale of Shoreline, a 192-unit garden-style multifamily property in Lake Elsinore, California. Director Tyler Sinks and Managing Directors Ed Rosen and John Chu of Berkadia San Diego completed the sale on behalf of the seller, California-based Forge Partners. The buyer was Vista Pacific Inc., also based in California, and the deal closed on August 10.
“The sale of Shoreline represents a record sale price for the Lake Elsinore submarket and is another example of the insatiable demand for well positioned multifamily assets in Southern California,” said Sinks.
Located at 15120 Grand Ave., Shoreline features one-, two- and three-bedroom floor plans with walk-in closets, washers and dryers and a private patio or balcony. Community amenities include a swimming pool and spa, a playground and a picnic area with outdoor grilling stations. The property affords convenient access to Lake Elsinore, Interstate 15 and the shops and restaurants along Riverside Drive.