Real estate investment firm Universe Holdings has acquired a 160-unit multifamily community in Riverside, California, for $53.4 million.
Called Stonegate Apartments, the development at 6506 Doolittle Ave. was built in 1987 and has one- and two-bedroom units. Amenities include a fitness center, swimming pool, spa, barbecue area, pet park, playground, covered parking, four laundry rooms and a business center.
IPA represented the seller in the off-market transaction.
Universe’s other Inland Empire asset is the 304-unit Acacia Park community in San Bernardino, which it acquired in 2003.
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