Promenade Terrace Apartments in Corona Sells for $78.5M

CORONA, CALIF. — The 330-unit Promenade Terrace apartments in Corona has sold to an unnamed buyer for $78.5 million. The community is located at 451 Wellesley Drive.

Promenade Terrace is less than a half mile from Corona Hills Plaza, a 534,000-square-foot power center. It is also within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties.

Alexander Garcia, Jr., Stewart I. Weston, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented both the buyer and unnamed seller in this transaction.