CBRE Brokers Sale of 96-Unit Dove Ridge Apartments in Riverside for $23.1 Million

CBRE brokered the sale of Dove Ridge Apartments, a 96-unit multifamily community in Riverside, Calif. for $23.1 million – marking the first sale of the property since its development in 1987.

CBRE's Blake Torgerson and Eric Chen represented the buyer, a local private investor. The sellers were also local private owners and the original developers of the property.

“At $23.1 million, the property sold at an aggressive price point given the changes and challenges the market has recently faced,” said Blake Torgerson, Vice President with CBRE. “We were able to identify and successfully complete a loan assumption opportunity for the buyer, which included four years remaining on the term at a mid-3% interest rate.”

Located at 6556 Arlington Avenue in a prime area of Riverside near the Riverside Airport, Dove Ridge Apartments includes 40 one-bedroom/one-bathroom units and 56 two-bedroom/two-bathroom units. The units are a mix of single story and two story and average 756 sq. ft. in size, with large backyards/patios in select units. Interior amenities include central air conditioning and heating, walk-in closets, and vaulted ceilings. Property amenities include a swimming pool and spa, laundry facility, ample parking, and a standalone management office.

“The buyer has a great opportunity to add value and renovate the interior and exterior to capture the rental upside,” added Eric Chen, Executive Vice President with CBRE. “This transaction is also a signal that the market in the Inland Empire is still strong from a private capital standpoint, despite the interest rate uptick environment.”

Riverside is the most populous city in the Inland Empire and is about 50 miles southeast of downtown Los Angeles. Dove Ridge Apartments, which is minutes from Downtown Riverside, is located near several colleges including UC Riverside, Cal Baptist University, La Sierra University and Riverside City College. Also nearby are the Galleria at Tyler Mall and Metrolink commuter rail station.