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MORENO VALLEY, CALIF. — Cherry Heights LLC has acquired the 206-unit Legends at Rancho Belago in Moreno Valley for $33.8 million. The community is located at 13292 Lasselle St.
Legends was originally built as a 40-unit for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. The property was fully converted to a rental community in February 2016.
Peter Sherman of Avison Young represented the LLC, a 1031 exchange buyer. Institutional Property Advisors represented the seller, the Reliant Group.