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May 19, 2022
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Riverside Multifamily Property Trades for $424k/Unit


Canyon Crest Luxury Apartments, a 106-unit, value-ad multifamily property in Riverside, was purchased for $45 mil ($424.5k/unit) by R.W. Selby from the original developer/owner. The buyer plans to make extensive renovations to the property, which boasts an average unit size of 1.2k sf.

Built in 2004, Canyon Crest Luxury Apartments is located at 1550 Central Ave. The property features private patios on ground-level apartments and private decks on second-floor apartments, along with assigned parking garages, fitness center, business center with free internet access, pool/spa and clubhouse.

Apartment amenities include high-speed internet access, in-unit washer/dryer, air conditioning, smoke free environment, security system, storage units, fireplace and sprinkler system.

Kyle Pinkalla and Erik Anderson with Northmarq represented the seller, Regional Properties, in the transaction.

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