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SOUTHERN CALIFORNIA NEWS
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Riverside Res Comp Works Out to $150k/Unit

2/02/24

In a recent multifamily comp out of the Inland Empire, Corwin Apartments, a 19-unit asset in Riverside, traded for $2.85 mil ($150k/unit).

Built in 1964, the property is located at 5755-5780 Corwin Lane. It features one-bedroom/one-bathroom and two-bedroom/one-bathroom floor plans. The property is situated west of Van Buren Blvd and is within walking distance of Bryant Park, a high-traffic retail center and less than 10 minutes from Riverside Municipal Airport.

Cray Carlson and Tyler Provines of CBRE represented the buyer in the transaction. Blake Torgerson, Hunter Wetton and Kevin Sin repped the private seller.

“Despite the slowdown in multifamily sales in the face of higher interest rates, smaller privately owned properties throughout the Inland Empire continue to transact,” said Provines. “In this case, we secured an all-cash buyer who could close escrow in 10 days despite structural issues, meeting both the buyer's and sellers' investment needs.”





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