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Riverside Apartments Generate Multiple Bids for First Sale in Two Decades
CBRE’s Eric Chen, Kevin Sin and Blake Torgerson represented both the buyer and seller in the $7.75- million sale of the Potomac Apartments, a 34-unit multifamily property in Riverside. AB Potomac Apts LLC sold the property for $227,941 per unit or $358.80 per square foot.
“This property generated multiple offers,” said Chen. “We identified a qualified buyer through a long-term established relationship, resulting in closing escrow at a 4.56% cap rate.”
Located a mile-and-a-half from California Baptist University, the property features studio, one- and two-bedroom floor plans. Community amenities include patios, laundry, and covered parking.
“This asset represented a rare chance to acquire a portfolio comprising six distinct buildings along the same street,” Chen added. “It hasn’t been on the market for two decades and shows the strong interest in value-added investment properties across the Inland Empire for experienced buyers.”
CBRE’s Ryan Wilkinson arranged the financing on behalf of the buyer, KEBA Potomac Street LLC.
- ◦Sale/Acquisition
