CBRE Brokers $7.1 Million Sale of Norma Street Apartments in Ridgecrest

CBRE announced the sale of the Norma Street Apartments, a 66-unit multifamily community located at 800 South Norma Street in Ridgecrest, Calif. Srinivas Yalamanchili sold the property to Sumi Dave for $7.1 million.

CBRE’s Cray A. Carlson represented the buyer and seller in the transaction.

“Investors have been pursuing investment properties in tertiary markets because of the low cost per unit and high cap rates," said Mr. Carlson, a senior vice president at CBRE. “Ridgecrest has seen several sales in the last year, and the apartment market is very tight with extremely low vacancy.”

Built in 1992, the Norma Street Apartments consist of 66 units across six buildings. The complex is comprised of a mix of studio, one, and two-bedroom floorplans. The property offers amenities including ample parking, attached garages, laundry facilities, and an onsite pool. Located in a convenient location, the community is in close proximity to the Oasis Shopping center and major thoroughfares such as the 178 and 395 highways.

According to CBRE Research, U.S. commercial real estate investment rose by 10 percent year-over-year in Q2 2022 to $167 billion. Multifamily was the leading sector in the U.S. with $78 billion in Q2 2022 volume.