LOS ANGELES and IRVINE, Calif. – August 27, 2019 – Berkadia announced today the $53.5 million sale of Canyon Crest Views, a 178-unit multifamily property in Riverside, California. The property’s excellent mix of predominantly two- and three-bedroom townhomes with two-car garages helped to push the pricing north of $300,000 per-unit for a 1980’s vintage asset.
Managing Directors Jeff Rowerdink and Joe Leon of Berkadia’s Irvine, California office, along with Managing Director Jim Fisher and Senior Director Mike Smith of Berkadia’s Los Angeles office, were involved in the sale and marketing of this asset on behalf of the seller, San Francisco-based Klingbeil Capital Management. Berkadia brokered the transaction with a full marketing campaign and received tremendous response by a very deep field of investors from all over California. The buyer was an experienced private group who closed the transaction a week ahead of schedule on August 20.
“This sale represents the successful execution of our strategy to acquire and reposition well located properties in markets with strong underlying drivers,” said Robert Conn of Klingbeil. “Through our exterior and interior renovation program, we were able to transform this property to meet the growing demand for quality housing in the Riverside sub-market. Substantial upside remains for an experienced operator to complete the renovations and take the property to the next level.”
Canyon Crest Views features two- and three-bedroom floor plans with walk-in closets, skylights, in-unit laundry and air conditioning. Community amenities include two swimming pools, a fitness center and a leasing office. Located at 5253 El Cerrito Drive, the property is ideally located less than one mile from The University of California at Riverside, across the street from the businesses and restaurants at the Canyon Crest Towne Centre and less than five miles from major medical and industrial employment. The buyer plans to finish renovations and update community amenities to add further value to this property.
“This is a great example of how a well-run marketing campaign, on an asset with a very strong location, can benefit both the buyer and seller,” said Jeff Rowerdink.
“Location is everything, and with the tremendous amount of job growth coming to the Inland Empire, the IE is only going to get better,” added Jim Fisher.
Inland Empite Community Commands $54M | Multi-Housing News
Riverside Multifamily Community Purchased for $300k/Unit | RENTV
Berkadia Completes Sale of Large Multifamily Property in Riverside | CityBizList
Riverside Apartments Trade for $53M | GlobeSt.com
Klingbeil Sells Riverside MF for $54M | Connect Commercial Real Estate
Apartment Complex in Riverside, California Sold for $53.4 Million | Commercial Real Estate Direct
Multifamily Investor Afton Properties Adds Nearly 1K Units to Portfolio | The Real Deal