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Limited Riverside Inventory Allows Strategic Buy for Ramona Oaks
Ramona Oaks Apartments is located at 3401 Ramona Dr., just minutes from Riverside City College, The Riverside Municipal Airport and the 91 Freeway. The 44-unit property recently sold for $8.35 million. The buyer was a private local investor who will implement a value-add strategy at the property.
CBRE’s Cray Carlson and Nick Mercurio represented the buyer. Carlson also represented the seller, a local private investor, in the transaction.
“Riverside is such a commanding core market in the Inland Empire,” said Carlson. “Inventory in Riverside has been limited, but Ramona Oaks had been on the market with a reputable brokerage firm that wasn’t able to sell it.”
The six-building property features 20 one-bedroom/one-bathroom units and 24 two-bedroom/one-bathroom units. The two-story apartments feature either a patio or balcony.
- ◦Sale/Acquisition
