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SOUTHERN CALIFORNIA NEWS
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Riverside Residential Building Goes for $153k/Unit

2/11/20

A 15-unit apartment complex in Riverside sold for $2.3 mil, or $153.3k/unit). The property, known as Kansas Apartments, is located 3332 Kansas Ave and totals 14.1k sf.

The building features 15 units that are fully leased with a mix of 13 one-bedroom/one-bath and one two-bedroom/one-bath apartments. The property sits in the heart of Riverside, minutes from downtown, and is surrounded by restaurants and hotels.

Cray Carlson with CBRE represented the buyer, a local investor, who owns several properties in the area that have undergone substantial revitalization. The seller, Lakritz Family Partnership LP, represented themselves.

“The property was in great condition with potential upside in rents,” said Carlson. “This area of Riverside has really changed in the last few years and demographics are moving up.”

The Inland Empire multifamily market achieved the best one-year total returns, up 13%, placing it first among 28 major metros, according to CBRE’s third-quarter research. Appreciation returns recorded 7.8% for the region, with Phoenix and Tampa following closely behind. Overall, the IE market is experiencing healthy demand, according to CBRE research.






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