CBRE Facilitates $12.35 Million Sale of 54-Unit Multifamily Community in Redlands, California

CBRE facilitated the $12.35 million ($228,704 per unit and $144 per square foot) sale of The Kimberly Apartments, a 54-unit multifamily community located at 475 East Cypress Avenue in Redlands, California. CBRE's Eric Chen and Blake Torgerson represented the buyer, US Business & Investment Group II LLC, in the transaction.

“Multifamily properties with strong in-place cash flow and opportunities to enhance value continue to generate interest among private investors,” said Chen, Executive Vice President at CBRE. “The Kimberly Apartments offered an attractive combination of scale, location and rental upside, enabling our client to acquire a well-positioned asset in one of the Inland Empire's most desirable multifamily submarkets.”

The community traded at a 5.71% current capitalization rate and offered a projected 7.84% capitalization rate at market rents, presenting future rental upside for the new owner.

The property is an approximately 86,040-square-foot apartment community on more than 2.5 acres. Built in 1964, the property features one-, two- and three-bedroom floor plans, with an average unit size of nearly 1,500 square feet.

The community features a pool, fitness center, spa, laundry facilities and ample parking. Located directly across from Albertsons, Chase Bank and Panera Bread, the property also benefits from proximity to Downtown Redlands, the University of Redlands, Redlands High School and Interstate 10.

The seller was represented by a Berkadia team led by Adrienne Barr. The seller was identified as Patrick Roldan, Trustee of the Survivor's Trust created under the Stanley A. Sirott Trust dated June 25, 1992.

According to CBRE Research, the Inland Empire multifamily market continues to benefit from Southern California's long-term housing demand drivers, including population density, limited housing availability and proximity to major employment centers and transportation infrastructure. Investor interest remains focused on well-located communities that offer opportunities for operational improvements and rental growth in supply-constrained markets.