CBRE Arranges $2.85 Million Sale of Corwin Apartments in Riverside, California

CBRE has arranged the $2.85 million sale of the 19-unit Corwin Apartments in Riverside, Calif., to a private buyer.

Cray Carlson and Tyler Provines of CBRE’s Inland Empire multifamily investment properties team represented the buyer in the transaction. Blake Torgerson, Hunter Wetton and Kevin Sin represented the private seller.

Built in 1964, the property is located at 5755-5780 Corwin Lane. It features one-bedroom, one-bathroom and two-bedroom, one-bathroom floor plans. The property is situated West of Van Buren Blvd., and is within walking distance of Bryant Park, a high-traffic retail center and less than 10 minutes from Riverside Municipal Airport.

“Despite the slowdown in multifamily sales in the face of higher interest rates, smaller privately owned properties throughout the Inland Empire continue to transact,” said Mr. Provines, an associate at CBRE. “In this case, we secured an all-cash buyer who could close escrow in 10 days despite structural issues, meeting both the buyer's and sellers' investment needs.”