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Viano is Positioned to Take Advantage of IE Rent Growth
A 264-unit apartment complex in Riverside, Viano at Riverwalk, recently sold to Greystar Real Estate Partners. The price was undisclosed.
Located at 4655 Sierra Vista Ave., the property sits on a 13.5-acre lot. The complex, built in 2015, boasts a diverse unit mix averaging 945 square feet.
CBRE’s Stewart Weston and Dean Zander represented the seller, Griffin Living.
“Viano sits within the master-planned community of Riverwalk and is well positioned to take advantage of the unprecedented rent growth in the Inland Empire,” said Weston.
The Inland Empire ranked second in the nation for year-over-year rent growth in second quarter at 14.8 percent, according to CBRE research. The West Riverside submarket is expected to achieve a 10.2 percent year-over-year rent growth for 2021.
“Demand for institutional multifamily product remains at the highest level we’ve ever experienced,” Zander adds. “Due to relative affordability, access to an abundance of employment opportunities at every income level, great freeway access and a plethora of entertainment options, we expect the tremendous investor and tenant demand in the Inland Empire to continue throughout this decade.”
- ◦Sale/Acquisition
