1980s apartments command sweet price

Complex located in California's Riverside County

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Marcus & Millichap negotiated the sale of the 111,180-square-foot Watermark Apartments in Lake Elsinore, Calif. The value of the transaction was approximately $11.4 million. A California-based private investor sold the asset to an investment group. The Watermark Apartments is located at 15195 Lincoln St. The property was built in 1986, consists of 128 units and is situated on a 6.1-acre lot. Some of the amenities include spacious one-, two- and three-bedroom floor plans, gourmet kitchen with serving bar and dishwasher, central heating and air conditioning, and private patio or balcony. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....