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8/16/22
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Silver Star Real Estate, a privately owned real estate company based in La Palma, has acquired Metro 3610, a 304-unit, value-add multifamily community in Riverside. Built in 1984, Metro 3610 sits on 15.2 acres at 3610 Banbury Drive, in an amenitized area of Riverside with the Galleria at Tyler and a bevy of other major retailers located nearby.
The property has two swimming pools along with a spa and wading pool, tennis courts, resident clubhouse, a newly updated fitness center, as well as open green space that includes picnic areas, grilling stations, and a playground. Apartments have kitchens with a complete appliance package, air conditioning, walk-in closets, and washer/dryers in the two-bedroom floorplans. Many units have been renovated.
CBRE’s Dean Zander and Stewart Weston represented the sellers in the deal.
"The renovated units account for approximately 10% of the total and have demonstrated potential for impressive income gains,” said Zander. “Silver Star plans to continue improving the balance of the units and make additional common area upgrades to better position Metro 3610 in this highly desirable submarket."
Added Weston, "Metro 3610 has benefited from the phenomenal rent growth in the Inland Empire, which exceeded 12% over the last 12 months and has more than doubled since 2012.”
The 12th-largest city in California by population, Riverside is home to renowned universities, world-class healthcare, and a burgeoning Innovation District. The city has strong economic indicators highlighted by an unemployment rate of only 4.3%. Additionally, over the last five years, development in the city has exceeded more than $1.5 billion in private investment.
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