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5/01/24
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Potomac Apartments, a 34-unit multifamily property in Riverside, traded hands in a recent $7.75 mil ($228k/unit) transaction.
Located 1.5 miles from California Baptist University, the property features studio, one- and two-bedroom floor plans, averaging 626 sf in size. The community amenities include patios, laundry, and covered parking.
CBRE’s Eric Chen, Kevin Sin and Blake Torgerson represented both the buyer and the seller, AB Potomac Apts LLC, in the transaction. According to Chen, the listing generated multiple offers and ended up closing at a 4.56% cap rate. CBRE’s Ryan Wilkinson arranged the financing on behalf of the buyer, KEBA Potomac Street LLC.
According to CBRE research, Riverside’s multifamily market remained thriving. In Q4 2023, the vacancy rate was 5.6%.
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