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8/30/22
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Norma Street Apartments, a 66-unit multifamily community in Ridgecrest, sold for $7.1 mil ($107.5k/unit). The property is located at 800 South Norma St, east of Downs St and north of China Lake Blvd.
Built in 1992, the Norma Street Apartments consist of 66 units across six buildings. The complex is comprised of a mix of studio, one-, and two-bedroom floorplans. The property offers amenities including ample parking, attached garages, laundry facilities, and an onsite pool. Located in a convenient location, the community is in close proximity to the Oasis Shopping center and major thoroughfares such as the 178 and 395 highways.
CBRE’s Cray A. Carlson represented the buyer, Sumi Dave, and the seller, Srinivas Yalamanchili, in the transaction.
“Investors have been pursuing investment properties in tertiary markets because of the low cost per unit and high cap rates," said Carlson. “Ridgecrest has seen several sales in the last year, and the apartment market is very tight with extremely low vacancy.”
According to CBRE Research, U.S. commercial real estate investment rose by 10% year-over-year in Q2 2022 to $167 bil. Multifamily was the leading sector in the U.S. with $78 bil in Q2 2022 volume.
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