CBRE Arranges $7.75 Million Sale of 34-Unit Multifamily Community

CBRE’s Eric Chen, Kevin Sin and Blake Torgerson represented both the buyer and seller in the $7.75 million sale of the Potomac Apartments, a 34-unit multifamily property in Riverside, Calif. AB Potomac Apts LLC sold for $227,941 per unit or $358.80 per sq. ft.

"This property generated multiple offers," said Mr. Chen. "We identified a qualified buyer through a long-term established relationship, resulting in closing escrow at a 4.56% cap rate."

Located 1.5 miles from California Baptist University, the property features studio, one- and two-bedroom floor plans, averaging 626 sq. ft. The community amenities include patios, laundry, and covered parking.

"This asset represented a rare chance to acquire a portfolio comprising six distinct buildings along the same street. It hasn't been on the market for two decades and shows the strong interest in value-added investment properties across the Inland Empire for experienced buyers," added Mr. Chen.

CBRE’s Ryan Wilkinson arranged the financing on behalf of the buyer, KEBA Potomac Street LLC.

According to CBRE research, Riverside’s multifamily market remained thriving. In Q4 2023, the vacancy rate was 5.6%.