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9/09/21
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A seven-property multifamily portfolio in the Inland Empire was sold in separate transactions totaling $14.4 mil. The properties, located in Ontario, Riverside, Calimesa, Lake Elsinore, Colton and Mentone, total 80 units. All of the buyers were local private investors who purchased in the Inland Empire in part because they were attracted by the substantial rent growth in the region.
The transactions include:
• Eight-unit property at 863-905 N. Vineyard Ave, Ontario, sold for $2.3 mil ($287.5k/unit).
• Nine-unit property at 4640 Olivewood Ave, Riverside, sold for $1.3 mil ($144.4k/unit).
• Twelve-unit property at 213-217 W. County Line Rd, Calimesa, sold for $2.19 mil ($182.5k/unit).
• Eight-unit property located at 138 E. Graham Ave, Lake Elsinore, sold for $1.83 mil ($228.8k/unit).
• 22-unit property at 580 W. E St, Colton, sold for $3.19 mil ($145k/unit).
• Ten-unit portfolio at 1354-1356 Jasper Ave, Mentone, sold for $1.68 mil ($168k/unit).
• Eleven-unit property at 1358 Jasper Ave, Mentone, sold for $1.88 mil ($170.9k/unit).
CBRE’s Eric Chen and Blake Torgerson helped facilitate all seven transactions. CBRE’s Melinda Russell helped Chen and Torgerson in facilitating the Colton transaction.
“The Inland Empire has been one of the fastest-growing regions in the nation in terms of rent growth,” said Chen. “This has created huge investor interest. The outlook for multifamily in the region is likely to be strong for years to come.”
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