Ridgecrest Apartment Community Trades for $7M

CBRE has brokered the $7 million sale of the Norma Street Apartments, a 66-unit multifamily community in Ridgecrest, CA. The firm’s Cray A. Carlson represented the buyer, Sumi Dave and the seller, Srinivas Yalamanchili in the transaction.

“Investors have been pursuing investment properties in tertiary markets because of the low cost per unit and high cap rates,” said Carlson in a news release. “Ridgecrest has seen several sales in the last year, and the apartment market is very tight with extremely low vacancy.”

Built in 1992, the Norma Street Apartments property consists of studio, one- and two-bedroom floor plans with attached garages, and is in close proximity to the Oasis shopping center and highways 178 and 395. Community amenities include ample parking, laundry facilities and an onsite pool.