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3/04/21
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A 32-unit multifamily property in Riverside traded hands for $5.44 mil, or $170k per unit.
Located at 7440-7458 Magnolia Ave, the two-story multifamily property is at the intersection of Madison St and Magnolia Ave. It contains all one-bedroom floorplans.
Eric Chen and Blake Torgerson of CBRE represented the sellers, Brian and Sue McMillan, in the off-market transaction. CBRE’s Ryan Wilkinson of Capital Markets’ Debt and Structured Finance arranged the financing on behalf of the buyer, which was also represented by the CBRE team. The buyer, REF Investment LLC, sold two apartment buildings in San Gabriel and Ontario, to exchange into this property.
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