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8/28/19
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Canyon Crest Views, a 178-unit multifamily property in Riverside, has traded hands in a recent $53.5 mil ($300k/unit) transaction. The 1980’s vintage asset boasts an excellent mix of predominantly two- and three-bedroom townhomes with two-car garages.
Apartments at Canyon Crest Views feature walk-in closets, skylights, in-unit laundry and air conditioning. Community amenities include two swimming pools, a fitness center and a leasing office.
Located at 5253 El Cerrito Drive, the property is ideally located less than one mile from The University of California at Riverside, across the street from the businesses and restaurants at the Canyon Crest Towne Centre and less than five miles from major medical and industrial employment. The buyer plans to finish renovations and update community amenities to add further value to this property.
Jeff Rowerdink, Joe Leon, Jim Fisher and Mike Smith with Berkadia represented the seller, San Francisco-based Klingbeil Capital Management. The buyer was an experienced private group who closed the transaction a week ahead of schedule on August 20.
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