Northmarq’s Irvine office arranges $25 million sale of Ardella on Heacock Apartments

IRVINE, Calif. (Oct. 6, 2023) — Shane Shafer, managing director of Northmarq’s Irvine office, Vince Norris, regional managing director, and Jim Fisher and Mike Smith, managing directors of Northmarq’s Westlake Village office, arranged the $25 million sale of Ardella on Heacock, a 120-unit value-add multifamily property. Built in 1971, Ardella on Heacock is located at 13325 Heacock St. in the Moreno Valley submarket. “The Inland Empire continues to be atop many buyers’ lists that are looking for a strong Southern California market that offers population growth and affordability, paired with rent growth,” said Shafer. “Moreno Valley, with its ongoing expansion in the distribution/warehouse and logistics sectors, is creating strong apartment fundamentals that are desirable for investors.” Ardella on Heacock is a low-density, garden-style community which features nine two-story buildings and offers residents a number of convenient amenities, including a swimming pool, barbecue areas, outdoor lounge areas, a fitness center, a bark park, a kid's playground, a leasing office, as well as two on-site laundry facilities and covered parking. Ardella on Heacock offers studios, one- and two-bedroom apartments, some of which have been updated to feature white shaker cabinets, new stainless steel appliance packages, resurfaced countertops, modern pulls and new vinyl plank flooring. Ardella on Heacock residents can enjoy a high quality of life in Moreno Valley in a suburban-like setting with access to a multitude of employment in the Inland Empire, with a growing population and an ever-expanding industrial landscape. World Logistics Center, a state-of-the-art 41 million sq. ft. logistics center, is currently under construction just 15 minutes from the property. View available multifamily properties here.