Private Investors Gravitate to IE’s Substantial Rent Growth

A seven-property multifamily portfolio in the Inland Empire recently sold for $14.4 million. The buyers across all the transactions were local private investors who were attracted by the substantial rent growth in the region.

The properties are in Ontario, Riverside, Calimesa, Lake Elsinore, Colton and Mentone, totaling 80 units. Property highlights:

• Eight-unit property at 863-905 N. Vineyard Ave. in Ontario sold for $2.3 million
• Nine-unit property at 4640 Olivewood Ave. in Riverside sold for $1.3 million
• 12-unit property at 213-217 W. County Line Rd. in Calimesa sold for $2.19 million
• Eight-unit property located at 138 E. Graham Ave. in Lake Elsinore sold for $1.83 million
• 22-unit property at 580 W. E St. in Colton sold for $3.19 million
• 10-unit portfolio at 1354-1356 Jasper Ave. in Mentone sold for $1.68 million
• Eleven-unit property at 1358 Jasper Ave. in Mentone sold for $1.88 million

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.”