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Riverside Apartments Trade with Interest-Only Loan Assumption
CBRE arranged the $10.15-million sale of the 44-unit Ramona Oaks Apartments at 3401 Ramona Drive in Riverside. The firm’s Eric Chen, Kevin Sin and Blake Torgerson represented both the buyer, WeJ&J LLC, and the seller, AB Ramona Oaks.
“This is a rare multifamily transaction where a buyer assumes a 40% loan-to-value loan with a 60% down payment,” said Chen. “The buyer took advantage of a 3.35% interest-only assumption through 2027 while capturing the 40% upside in rents as a value-add opportunity. This transaction speaks volumes on Riverside’s strong rental demand and scarcity of these opportunities. This is also the third multifamily transaction done by our team for the same seller this year.”
The community offers a mix of one- and two-bedroom floorplans, averaging 809 square feet. Each unit features an electric-equipped kitchen, wood plank and carpet flooring, private patios or balconies, and air conditioning. Built in 1972, the community’s five buildings all have new roofs.
- ◦Sale/Acquisition
