Continental East Fund III, LLC Sells Phase I of Continental Villages
Lydia Percia, Senior Vice President and Co-Founder of Continental East Development, Inc., (CED), negotiated and sold Continental Villages Phase I. The project is located at 16340 Lasselle Street in Moreno Valley, California, directly adjacent to Moreno Valley Junior College. Continental Villages is a master-planned + 19-acre development. Phase One consisted of a +7-acre site and a new 125-unit market-rate multifamily development. The community successfully sold to FPA Multifamily, LLC. for $35 Million. Kyle Pinkalla,
Managing Director of NorthMarq, assisted Lydia in the sale. The closing of the property is the highest market comp paid to date in Moreno Valley for a Multifamily community.
Rebranding of Continental Villages
FPA Multifamily rebranded the community as Arrive at Rancho Belago. They saw much success during their first 45 days of opening by leasing over 90% of the units. FPA Multifamily credits much of this success to CED’s pre-launch marketing efforts and the reservation list generated during the project’s construction period. We anticipate the multifamily project will help meet the city of Moreno Valley’s enormous need for housing, which is expected to continue for years to come.
Continental Villages Phase II & III
With the completion of Phase I, CED continues to move forward in Phase II and III. Phase II consists of a +8-acre site with 112 units, including 96 two-story apartments and 16 two-story duplexes. In addition, the community will also include a 3,800 square foot two-story recreational building with a fitness center, community room, and swimming pool. Phase III consists of a +2.84 acre site with a 21,000 square foot neighborhood commercial and retail center. Both projects submitted their Grading Plans to the City of Moreno Valley.
To learn more about the project’s upcoming Phase II & III, visit Continental East Fund III, LLC.