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6/14/19
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Two senior active-living apartment buildings in Riverside sold in separate deals for a total of $6.87 mil. The properties were sold by the same seller, the original developer of both properties.
3628 Madison St, Riverside |
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One of the properties, Orangeville Senior Living, is located at 1054 N. Orange St. The 23-unit building, built in 2010, sold for $4.43 mil ($192.6k/unit). CBRE’s Debt and Structured Finance team arranged the acquisition loan on behalf of the buyer with a five-year, fixed-rate loan at a 4% rate.
The other property, Madison Villa Arms, is located at 3628 Madison St. It sold for $2.45 mil in an all-cash, 1031 exchange deal. The property, which was built in 2017, consists of all two-bedroom, one-bathroom units.
CBRE’s Blake Torgerson and Eric Chen represented the seller and both private investor buyers in the transactions.
The Inland Empire multifamily market remained healthy in Q1, with a favorable vacancy rate and very strong rent growth. Demand in the Inland Empire exceeded new supply with 1,445 units absorbed over the same time period. Coming off the heels of the second strongest year of multifamily acquisitions on record, Q1 investments in Inland Empire multifamily totaled $339.3 bil, according to CBRE Research.
In addition to an overall strong multifamily market, demand for senior housing has been particularly robust across the U.S. Investor interest remains very strong, with nearly two-thirds of survey respondents expecting to increase the size of their portfolios over the next 12 months, according to a summer 2018 CBRE report. According to the survey, investors appeared most interested in the lifestyle-focused segments of seniors housing, with independent living being identified as the best investment opportunity, followed by
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