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California  + Inland Empire  + Apartments  | 

Klingbeil Sells Riverside MF for $54M

San Francisco-based Klingbeil Capital Management divested Canyon Crest Views, a 178-unit multifamily property in Riverside, CA. An experienced private group acquired the asset at 5253 El Cerrito Dr. for $53.5 million.

The property has a mix of predominantly two and three-bedroom townhomes with two-car garages, which helped to push the pricing north of $300,000-per-unit for a 1980’s vintage asset.

Klingbeil’s Robert Conn says, “This sale represents the successful execution of our strategy to acquire and reposition well-located properties in markets with strong underlying drivers. Through our exterior and interior renovation program, we were able to transform this property to meet the growing demand for quality housing in the Riverside sub-market. Substantial upside remains for an experienced operator to complete the renovations and take the property to the next level.”

Berkadia’s Jeff Rowerdink, Jim Fisher and Mike Smith were involved in the sale and marketing of this asset on behalf of the seller.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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