Press Release

CBRE ANNOUCES SALE OF TWO MULTI-FAMILY PROPERTIES IN SOUTHERN CALIFORNIA’S INLAND EMPIRE FOR TOTAL OF $33 MILLION

02 Jul 2018

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 CBRE announced the sale of two multi-family properties in Southern California’s Inland Empire for a total of $33 million.

John Montakab and Stewart I. Weston of CBRE represented the buyer, Positive Investments of Arcadia, CA, in the purchase of the 320-unit portfolio. Both properties are located in Victorville, CA.

The Colony, at 14450 El Evado Road, contains 200 units and is 94 percent occupied. It features such amenities as a fitness center, basketball court, designated pet stations and two swimming pools. Golden Sands, 97 percent occupied, contains 120 units and is located at 15930 Nisquali Road. The site also features two swimming pools and spas and BBQ areas. Both properties are in proximity to a variety of retailers, including Nèktar Juice Bar and Costco. Both are well maintained, and the portfolio features a unit mix comprised primarily of two- and three-bedroom apartments.

“CBRE assisted Positive Investments in the purchase of two fantastic investments as part of a 1031-exchange,” said Montakab. “The company is extremely knowledgeable of operating properties in secondary markets and have successfully been able to improve operations at similar assets. In short, they were the perfect buyer for this portfolio.”

The CBRE team also represented the seller, Sagebrush Companies of Denver, CO., which purchased the portfolio in January 2017 and executed a successful value-add strategy.

Demand for rental property in the Inland Empire is likely to stay strong. The area has one of the fastest-growing populations in the country, according to recent estimates from an analysis by the U.S. Census Bureau. Victorville had 7.5% year-over-year rent growth between 2016 and 2017, and the market has maintained a 96% occupancy rate.

“This market has seen tremendous economic and population growth, which has resulted in ever-increasing demand for housing,” said Weston. “These two extremely well-maintained buildings cater to this demand and represent a fantastic, stable and income-producing investments.” 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.