California + Inland Empire + Apartments | March 9, 2021

REF Sells Two Multifamily Assets, Trades into Riverside Property

A 32-unit multifamily property in Riverside recently sold to REF Investment LLC for $5.44 million or $170,000 per unit. Located at 7440-7458 Magnolia Ave., the two-story multifamily property is at the intersection of Madison Street and Magnolia Avenue. The property contains all one-bedroom floorplans.

As part of the transaction, the buyer sold two apartment buildings, one in San Gabriel and one in Ontario, to exchange into this property. Eric Chen and Blake Torgerson of CBRE represented the sellers, Brian and Sue McMillan, in the off-market transaction.

“Our team was able to identify this property as an off-market opportunity for our 1031-exchange buyer through an existing client relationship with the seller,” said Torgerson. “We were successful in assisting the buyer in the consolidation of two properties, increasing their total number of units and overall cash flow.”

CBRE’s Ryan Wilkinson of capital markets’ debt and structured finance arranged the financing on behalf of the buyer, which was also represented by the CBRE team.

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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.