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8/25/26
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Turtle Creek Apartments, a 98-unit multifamily community in Riverside, traded between investors in a recent $34.5 mil ($352k/unit) transaction. The deal closed at a 4.33% capitalization rate and included the successful assumption of an existing U.S. Department of Housing and Urban Development (HUD) loan.
Completed in 2020, the 89.8k sf property sits on a 179k sf site at 4826 Van Buren Blvd. The community features one-, two- and three-bedroom units with an average unit size of 916 sf.
Units include stainless steel appliances, granite countertops, vinyl plank flooring, in-unit washers and dryers, and walk-in closets. Community amenities include a swimming pool and spa, fitness center, bark park, tot lot, gated entry and professional on-site management.
Located in Riverside's Arlanza neighborhood, the property is near Kaiser Permanente Riverside Medical Center, California Baptist University, La Sierra University, the Galleria at Tyler and major transportation corridors that provide access throughout the Inland Empire and Greater Los Angeles region.
CBRE's Eric Chen and Blake Torgerson represented both the buyer, SC El Camino LLC, and the seller, Turtle Creek Residential LLC, in the off-market transaction. CBRE's Ryan Wilkinson provided Debt & Structured Finance expertise and helped facilitate the year-long HUD loan assumption process.
"Turtle Creek Apartments generated strong interest due to its institutional-quality construction, amenity package and strategic Inland Empire location," said Chen, executive vice president at CBRE. "The successful execution of a complex HUD loan assumption created significant value for the buyer while allowing both parties to achieve their investment objectives."
According to CBRE Research, the Inland Empire multifamily market recorded a 96% occupancy rate in the second quarter of 2026, its highest level since the first quarter of 2025. The increase was driven by positive net absorption and a slowdown in new supply deliveries.
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