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Canyon Crest Presents Blank Canvas with Buyer Upside
Canyon Crest Luxury Apartments was recently purchased by R.W. Selby from the original developer/owner. The purchase price was $45 million.
Extensive renovations are planned for the 106-unit value-add multifamily property located at 1550 Central Ave. in Riverside, CA. It was built in 2004.
Northmarq’s Kyle Pinkalla and Erik Anderson completed the sale.
“This opportunity presented a blank canvas with tremendous upside for the buyer as the property has a fantastic location and was built with great bones and huge floorplans,” said Pinkalla.
The sale comes in the context of a healthy third quarter, according to Northmarq’s San Diego multifamily market report. Quarterly sales activity has been consistently strong throughout most of 2021, outpacing levels from recent years. Transaction velocity gained momentum during the third quarter. Cap rates have compressed somewhat this year, averaging approximately 3.9 percent, while the median price reached $296,700 per unit.
- ◦Sale/Acquisition
