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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
- ◦Sale/Acquisition




