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October 18, 2017
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Logan Capital Advisors Buys Over 200 Apartment Units in the Inland Empire

10/12/17

Logan Capital Advisors spent $33 mil on a two-property, 214-unit ($154.2k/unit) apartment portfolio in the Inland Empire. The properties, Reche Ridge and 1333 Canyon, are located at 2270 Cahuilla St and 1333 Reche Canyon in the city of Colton. They were sold by TruAmerica.

Reche Ridge
Reche Ridge
Reche Ridge is a 110-unit apartment complex, while 1333 Canyon has 104 units. The properties offer one-bedroom and two-bedroom units that average 800 sf. Both properties include features such as a pool, laundry facilities, balconies or patios and a dog park.

Jim Fisher and Mike Smith of Berkadia, along with Dean Zander, formerly of Berkadia, who joined CBRE in July, represented Los Angeles based TruAmerica in the transaction. Jim Fisher and Mike Smith had previously sold the two properties to TruAmerica in 2015. CBRE also arranged the interest-only debt for Logan.

The transaction allowed San Diego based Logan Capital Advisors to complete a 1031 Exchange. “Reche Ridge and 1333 Canyon had recently undergone exterior and interior renovations. Approximately 70% of units were renovated at the time of sale,” noted Smith.

Demand for multifamily in the Inland Empire has been increasing as the region has created 200,000 new jobs in since 2012 and 90,000 additional jobs are expected. The area’s population is expected to grow 4.6% over next five years and Colton is ranked among the top 50 Best Small- to Mid-Sized Cities for Entrepreneurs.




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