Brixton Capital Trades Moreno Valley Multifamily After Rebranding, Renovation

Seven years after purchasing Elevate at Towngate, Brixton Capital, a privately held real estate investment firm, has sold the property to San Francisco-based FPA Multifamily. Elevate at Towngate is a 227-unit, seven-building apartment community in Moreno Valley, the second largest city in Riverside County.  

Brixton Capital acquired Elevate at Towngate in December 2017 for $28 million, rebranded and renovated it, then sold it this month for $41 million. 

“Elevate at Towngate is a textbook example of our value-add approach to multifamily real estate investment,” said Brixton chairman Marc Brutten. “Moreno Valley and its industries have grown tremendously since this property was built in 1973. With our acquisition, we saw an incredible opportunity to modernize and enhance the property to meet the community’s needs.”  

JLL’s Ryan Fitzpatrick, Chelsea Jervis and CJ Angle represented Brixton Capital. FPA Multifamily represented itself. Units at Elevate at Towngate range from 590 to 1,224 square feet and from one to three bedrooms.

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