Inland Empire apartments slated for condos
Buyer sees demand for more affordable homes
By Inman News, Thursday, July 27, 2006.Transwestern this week announced the sale of the 304-unit Glenbrook Apartments in Riverside, Calif.
The value of the transaction was $40 million.
Located at 3610 and 3625 Banbury Drive, Glenbrook Apartments is a 15-acre, garden-style community comprised of 21 two-story buildings.
"With average new-home prices experiencing record gains in the Riverside area, a growing percentage of potential homeowners are being priced out of the market for single-family homes," said Curtis Palmer of Transwestern's Los Angeles multifamily team...Glenbrook Apartments is currently mapped for condominium conversion."
Morgan Stanley Real Estate Advisors Inc. sold the property to Pacific Property Co.
Transwestern is a privately held commercial real estate firm operating nationwide.
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