CBRE announced the sale of a 36-unit apartment complex in Adelanto, CA for $1.475 million.
CBRE’s Cray Carlson represented the buyer, Pro Residential Services, Inc., a local apartment management agency. The 23,400-square foot property is located at 18633 Larkspur Road & 11200 Vintage Road, Adelanto, CA.
“The property was 25 percent vacant at the time of the sale, but the buyer – who owns several other buildings in the area – knows the long-term value of this kind of asset,” said Carlson.
The CBRE team also represented the seller who will be doing a 1031-exchange.
Demand for rental property in the Inland Empire is likely to stay strong. The area has one of the fastest-growing populations in the country, according to recent estimates from an analysis by the U.S. Census Bureau. Riverside County ranked third among all counties nationwide for population growth last year with 36,744 more residents, up 1.5% from the prior year.
CBRE’s Cray Carlson represented the buyer, Pro Residential Services, Inc., a local apartment management agency. The 23,400-square foot property is located at 18633 Larkspur Road & 11200 Vintage Road, Adelanto, CA.
“The property was 25 percent vacant at the time of the sale, but the buyer – who owns several other buildings in the area – knows the long-term value of this kind of asset,” said Carlson.
The CBRE team also represented the seller who will be doing a 1031-exchange.
Demand for rental property in the Inland Empire is likely to stay strong. The area has one of the fastest-growing populations in the country, according to recent estimates from an analysis by the U.S. Census Bureau. Riverside County ranked third among all counties nationwide for population growth last year with 36,744 more residents, up 1.5% from the prior year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
