REIT builds SoCal multifamily portfolio

Property fetches massive sale price

Grubb & Ellis Co. represented BRE Properties Inc., a San Francisco-based multifamily REIT, in the purchase of Mission Grove Park, a 432-unit apartment complex in Riverside, Calif. The transaction was valued at $75.8 million. The 31-building frame/stucco complex is located at 7450 Northrop Drive in the Canyon Crest area. The complex was built in 2001. Century City, Calif.-based Mission Grove Apartments LP sold the asset. Grubb & Ellis is a worldwide provider of integrated real estate services. *** What's your opinion? Send your Letter to the Editor to