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November 12, 2019
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MULTIFAMILY NEWS
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Investor Pays $163k/Unit for Riverside Multifamily Property

4/29/19

An Inland Empire-based private investor has purchased Las Casitas Apartments, a 71-unit multifamily community in Riverside, for $11.55 mil ($163k/unit). The property is located at 4982 Jurupa Ave, at the corner with Correll St.

Built in 1971, Las Casitas is comprised of 15 one-story residential buildings totaling 61.6k sf of psace. The complex is situated on a 3.92-acre site. The apartment homes feature spacious one-, two-, three-, and four-bedroom floor plans with an average size of 868 sf. The property boasts a swimming pool and spa, three laundry facilities, BBQ area and covered parking.

Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the buyer and the seller, a private investor based in Orange County.

“Due to the bungalow configuration, desirable unit mix, low price per unit of this property, and upside with a value-add program, there was significant interest in this deal,” said Ozen. “Over the last couple of years, the Magnolia neighborhood has been improving with better shopping options and home renovations. The gentrification spurred additional interest in this deal enhanced the feasibility of a value-add. Despite the upside, the buyer in this case was ultimately attracted to this deal by the unique unit configuration and location.”






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