CBRE announced the sale of a 21-unit apartment portfolio in Riverside, CA, to a local multifamily investor for $2.85 million.
CBRE’s Cray Carlson and Nick Mercurio represented the buyer and seller. Located at 4543-4581 Main Street & 4566 Orange Street Riverside, CA, the portfolio includes a seven-unit and an eight-unit apartment property, a single-family home and a site with three duplexes.
“The local buyer was looking to purchase property in an area with strong rents, appealing demographics and the opportunity to hold an asset longer term while the seller’s motivation was to relocate his equity from apartment properties into assets with fewer management requirements,” said Carlson.
Added Mercurio, “This site had a total of seven vacant units at the start of the marketing process and several other apartments that were under renovation at the time of the sale.
Despite these challenges, we were able to successfully negotiate good terms and close the deal.” 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 and Nick Mercurio represented the buyer and seller. Located at 4543-4581 Main Street & 4566 Orange Street Riverside, CA, the portfolio includes a seven-unit and an eight-unit apartment property, a single-family home and a site with three duplexes.
“The local buyer was looking to purchase property in an area with strong rents, appealing demographics and the opportunity to hold an asset longer term while the seller’s motivation was to relocate his equity from apartment properties into assets with fewer management requirements,” said Carlson.
Added Mercurio, “This site had a total of seven vacant units at the start of the marketing process and several other apartments that were under renovation at the time of the sale.
Despite these challenges, we were able to successfully negotiate good terms and close the deal.” 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 Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
