Los Angeles - CBRE announced the sale of two senior active-living apartment buildings in Riverside, Calif., totaling $6.87 million.
CBRE’s Blake Torgerson and Eric Chen represented the seller, the original developer of both properties, in the transactions.
The first property, Orangeville Senior Living, is located at 1054 N. Orange St. The 23-unit building, built in 2010, sold for approximately $4.43 million. CBRE’s Debt and Structured Finance team arranged the loan on behalf of the buyer with a five years-fixed 4 percent interest rate.
The second location, Madison Villa Arms at 3628 Madison St., sold for $2.45 million in an all-cash, 1031-exchange deal. The property, which was built in 2017, consists of all two-bedroom, one-bathroom units.
The two private buyers were also represented by the Chen and Torgerson team.
“Our team’s ability to procure the buyer through our extensive marketing capabilities while simultaneously providing the best financing options available by our CBRE’s Debt and Structured Finance team, was essential in executing on the Orangeville Senior Living assignment,” said Chen. “Furthermore, our unique access to 1031-exchange buyers proved pivotal in executing on the Madison Villa Arms assignment.”
The Inland Empire multifamily market remained healthy in Q1, with a favorable vacancy rate and very strong rent growth. Demand in the Inland Empire exceeded new supply with 1,445 units absorbed over the same time period. Coming off the heels of the second strongest year of multifamily acquisitions on record, Q1 investments in Inland Empire multifamily totaled $339.3 billion, according to CBRE Research.
In addition to an overall strong multifamily market, demand for senior housing has been particularly robust across the U.S. Investor interest remains very strong, with nearly two-thirds of survey respondents expecting to increase the size of their portfolios over the next 12 months, according to a summer 2018 CBRE report. According to the survey, investors appeared most interested in the lifestyle-focused segments of seniors housing, with independent living being identified as the best investment opportunity, followed by assisted living. The active adult segment has also been attracting considerable interest.
CBRE’s Blake Torgerson and Eric Chen represented the seller, the original developer of both properties, in the transactions.
The first property, Orangeville Senior Living, is located at 1054 N. Orange St. The 23-unit building, built in 2010, sold for approximately $4.43 million. CBRE’s Debt and Structured Finance team arranged the loan on behalf of the buyer with a five years-fixed 4 percent interest rate.
The second location, Madison Villa Arms at 3628 Madison St., sold for $2.45 million in an all-cash, 1031-exchange deal. The property, which was built in 2017, consists of all two-bedroom, one-bathroom units.
The two private buyers were also represented by the Chen and Torgerson team.
“Our team’s ability to procure the buyer through our extensive marketing capabilities while simultaneously providing the best financing options available by our CBRE’s Debt and Structured Finance team, was essential in executing on the Orangeville Senior Living assignment,” said Chen. “Furthermore, our unique access to 1031-exchange buyers proved pivotal in executing on the Madison Villa Arms assignment.”
The Inland Empire multifamily market remained healthy in Q1, with a favorable vacancy rate and very strong rent growth. Demand in the Inland Empire exceeded new supply with 1,445 units absorbed over the same time period. Coming off the heels of the second strongest year of multifamily acquisitions on record, Q1 investments in Inland Empire multifamily totaled $339.3 billion, according to CBRE Research.
In addition to an overall strong multifamily market, demand for senior housing has been particularly robust across the U.S. Investor interest remains very strong, with nearly two-thirds of survey respondents expecting to increase the size of their portfolios over the next 12 months, according to a summer 2018 CBRE report. According to the survey, investors appeared most interested in the lifestyle-focused segments of seniors housing, with independent living being identified as the best investment opportunity, followed by assisted living. The active adult segment has also been attracting considerable interest.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.
