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December 15, 2018
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Two Riverside Apartment Properties Bought by Local Investors for $10 Mil


Two separate apartment properties in the city of Riverside were purchased by local private investment partnerships in separate deals totaling $10.3 mil. The properties, La Paz/Las Palmas Apartments and Cazador’s Court, total 78 units in four buildings.

Both 1960’s vintage multifamily properties are situated within two miles of U.C. Riverside, the city’s historic downtown and the newly expanded Riverside Community Hospital, as well as numerous transit and retail centers. The apartments feature a mix of one-, two- and three-bedroom units with amenities including on-site laundry, controlled entry and gated parking.

Zaid Altahan and Maha Yahya purchased La Paz/Las Palmas Apartments, which consists of two buildings at 2032 and 2052 Linden St. Cesar and Eloina Aguilar acquired Cazador’s Court for $2.19 mil. That property consists of two buildings at 3461-3471 Anderson Ave.

CBRE’s Eric Chen, David Killpack and John Montakab represented both buying entities and the sellers, private investors in Orange County. Ryan Wilkinson of CBRE Debt & Structured Finance assisted the buyers with obtaining their acquisition financing.

“This area of Riverside has dramatically improved in recent years with a growing Millennial and student population stemming from to the restoration of downtown Riverside and rising enrollment at U.C. Riverside,” said Chen. “This was a great long-term investment opportunity in stable, income-producing assets.”

The Inland Empire metropolitan area was the top-performing multifamily market in the United States in 2017 with 12.9% in total return. Apartment vacancies in the Inland Empire are expected to remain stable with rents likely to continue to increase at a moderate pace, driven by rising demand fueled by the region’s economic growth, according to CBRE research.

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