A 312-unit, gated residential property in Corona has has been sold as demand for apartments in the Inland Empire grows, a real estate brokerage said.
Irvine apartment developer and manager Western National Group bought the garden-style Parcwood Apartment Homes complex at 1700 Via Pacifica from Essex Property Trust, according to broker Jones Lang LaSalle. The new owners are expected to upgrade the 1980s-era property and raise rents.
Terms of the transaction were not disclosed, but a real estate expert familiar with the property valued the deal at $43 million.
Parcwood has 26 two-story apartment buildings, a fitness center, movie theater, clubhouse, tennis courts, children’s playground and business center.
The housing collapse and subsequent lull in construction has driven up demand for Inland Empire apartments over the past three years, said broker Javier Rivera of Jones Lang LaSalle. Apartment demand