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6/26/20
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Bel Air Apartments, a 16-unit multifamily property in Riverside, was acquired by a private buyer for $2.46 mil ($154k/unit).
Located at 3500-3530 Lou Ella Lane, Bel Air Apartments is comprised of eight one-bedroom/one-bathroom units, seven two-bedroom/one-bathroom units and one three-bedroom/two-bathroom unit. The 22.5k sf property features fully secure gated access and gated carports. All of the roofs have replaced within the last two years and several of the units have been recently renovated.
Bel Air Apartments is within two miles of both SR 91 and SR 60, two major freeways that connect Riverside to Los Angeles, Orange and San Diego Counties. The property is also less than two miles from University of California, Riverside, one of the Inland Empire’s largest universities with an annual enrollment of over 25,000 students.
CBRE’s Cray Carlson and Nick Mercurio represented the buyer and the seller, a San Diego-based private investor, in the transaction.
“COVID-19 posed some interesting challenges during inspections because most of the tenants were not comfortable with anyone entering the units,” said Carlson. “We instead had the tenants take pictures of the interior units that the appraiser was able to use, which provided a unique challenge for the loan process.”
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