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California  + Inland Empire  + Apartments  | 
Canyon Crest Apts

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.

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Kyle Pinkalla

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition