Silver Star Acquires 304-Unit Apartment Complex in Riverside
CBRE has announced the sale of Metro 3610, a 304-unit, value-add multifamily community in Riverside, CA. Silver Star Real Estate purchased the property for an undisclosed price. The property was built in 1984 and has a bevy of major retailers located nearby.
Metro 3610 has two swimming pools with a spa, tennis courts, clubhouse, fitness center and green areas with grilling stations and a playground. The two-bedroom units, some of which have been renovated, feature air conditioning, walk-in closets and washer-dryers.
“The renovated units account for approximately 10% of the total and have demonstrated potential for impressive income gains,” said CBRE’s Dean Zander who represented the undisclosed seller along with the firm’s Stewart Weston. “Silver Star plans to continue improving the balance of the units and make additional common area upgrades to better position the property.”
Photo Courtesy of The Foto Finisher
- ◦Sale/Acquisition