LOS ANGELES – October 18, 2017 – Berkadia announced the $33 million sale of Reche Ridge and 1333 Canyon, a two-property apartment portfolio in Colton, California. Managing Director Jim Fisher and Senior Director Mike Smith of Berkadia’s Los Angeles team represented the Seller, Los Angeles-based TruAmerica Multifamily in the transaction. The team previously sold the two properties to TruAmerica Multifamily in 2015. The buyer was Logan Capital Advisors, based in San Diego. The deals closed on September 30.
“The strong local job base continues to drive apartment rents in Colton and adjacent communities. We expect this growth to continue with the estimated $1.4 billion Loma Linda Medical Center expansion underway,” said Fisher.
Reche Ridge and 1333 Canyon are located at 2270 Cahuilla Street and 1333 Reche Canyon respectively. Reche Ridge is a 110-unit apartment complex, and 1333 Canyon is a 104-unit apartment home property. The one- and two-bedroom units at each property average 800 square-feet, and both properties include features such as a pool, laundry facilities, balconies or patios and a dog park.
The transaction allowed San Diego based Logan Capital Advisors to complete a 1031 Exchange. “Reche Ridge and 1333 Canyon have recently undergone exterior and interior renovations. Approximately 70 percent of the units were renovated at the time of sale, making it a great fit for the Buyer’s exchange,” said Smith.
Demand for multifamily housing in the Inland Empire has been increasing as the region has created 200,000 new jobs since 2012, and 90,000 additional jobs are expected. The area’s population is expected to grow 4.6 percent over next five years.