CBRE announced the sales of two separate apartment properties, comprised of a total of four buildings in Riverside, CA, to local private investment partnerships for a total of $10.29 million.
CBRE’s Eric Chen, David Killpack and John Montakab represented the sellers, private investors in Orange County. Chen and Killpack also represented local buyers Zaid Altahan & Maha Yahya in the purchase of La Paz/Las Palmas, which consists of two buildings. The team also represented Cesar & Eloina Aguilar in the acquisition of Cazador’s Court for $2.188 million.
The La Paz/Las Palmas Apartments is located at 2032 & 2052 Linden St, and Cazador’s Court, which also features two apartment structures, is situated at 3461-3471 Anderson Ave. The four buildings total 78 units. Both 1960’s vintage multifamily properties are situated within two miles of U.C. Riverside, historic downtown, the newly expanded Riverside Community Hospital as well as numerous transit and retail centers. They feature a mix of one-, two- and three-bedroom units with amenities including on-site laundry, controlled entry and gated parking.
“This area of Riverside has dramatically improved in recent years with a growing Millennial and student population stemming from to the restoration of downtown Riverside and rising enrollment at U.C. Riverside,” said Chen. “This was a great long-term investment opportunity in stable, income-producing assets.”
The Inland Empire metropolitan area was the top-performing multifamily market in the United States in 2017 with 12.9% in total return. Apartment vacancies in the Inland Empire are expected to remain stable with rents likely to continue to increase at a moderate pace, driven by rising demand fueled by the region’s economic growth, according to CBRE research.
Ryan Wilkinson of CBRE Debt & Structured Finance assisted the buyers with obtaining their acquisition financing and executed within 21 days of closing escrow.
“Due to working with the Investment Properties Team during the development of the offering memorandum, we were familiar with the assets. When the clients asked us to step in, we were able to provide a certainty of execution and deliver on the favorable terms in 3 weeks from LOI to closing,” said Wilkinson. Added Killpack, “Our clients turned to CBRE to help overcome some challenges when it came to financing the assets. CBRE was able to deliver better outcomes than other lenders had proposed and successfully executed for each asset.”
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.
