Riverside Multifamily Community Changes Hands for $23M

CBRE’s Blake Torgerson and Eric Chen have brokered the sale of Dove Ridge Apartments, a 96-unit multifamily complex in Riverside, CA.  A local private investor purchased the asset for $23.1 million from the original developers of the property.

Built in 1987 and located at 6556 Arlington Avenue, Dove Ridge Apartments consists of one- and two-bedroom units, averaging 756 square feet in size. Community amenities include a swimming pool and spa, laundry facility, managers office and ample parking. The property is situated near several colleges including UC Riverside, Cal Baptist University and La Sierra University and is close to a mall and mass transit.

“The buyer has a great opportunity to add value and renovate the interior and exterior to capture the rental upside,” said Chen in a news release. “This transaction is also a signal that the Inland Empire is still a strong market, despite the interest rate uptick environment.”