VICTORVILLE, CA–Riverton of the High Desert, a 220-unit luxury apartment complex located in Victorville, has been purchased for $19 million. The sales price equates to $86,364 per unit.
Built in 2008 on 11 acres at 14374 Borego Road in Victorville, the property is located near Palmdale Road, which provides direct access to the greater Victor Valley area and to Interstate 15. Victorville is the largest city in the Victor Valley.
Alexander Garcia, Jr., a senior vice president investments in Marcus & Millichap’s Ontario, Ca. office, and Shane McConnell, an associate vice president investments in the firm’s Newport Beach. office, represented the seller, a developer. Garcia, McConnell and Ron Harris, an executive vice president investments in Los Angles, represented the buyer, a private investor.
“Riverton of the High Desert is one of the top multifamily assets in the Victor Valley,” said Garcia. “The property features high-quality construction and amenities, stable operations and a desirable location within an improving rental market.”
Riverton of the High Desert is comprised of 15 two-story residential buildings and one single-story leasing and management office that also houses the business and fitness centers.
Victorville is 37 miles east of San Bernardino on the southwestern edge of the Mojave Desert.