SAN DIEGO — October 26, 2021 — Berkadia announced today the $85 million sale of Sorelle, a 330-unit garden-style multifamily property in Moreno Valley, 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 R&V Management. The buyer was Tower 16 Capital Partners, also based in California, and the deal closed on October 20.
“Not only is the Inland Empire California’s fastest growing job market with the fastest growing population, but it is also Southern California’s highest performing rental market,” said Chu. “Consequently, the demand is overwhelming compared to the supply for assets like this.”
Located at 12159 Calle Sombra, Sorelle features one- and two-bedroom floor plans with stainless steel appliances, air conditioning and a private balcony or patio. Community amenities include a swimming pool and spa, a resident lounge, a playground, a dog park, a fitness center and a business center. The property affords convenient access to Moreno Valley Mall, Interstate 215, University of California Riverside and Moreno Valley Freeway.