CBRE Facilitates the Sale of Multifamily Community in Riverside

CBRE announced the sale of 1180 Central Avenue, a seven-unit multifamily community in Riverside, Calif., to the Michael J. O’Neill and Jean A. O’Neill Trust for $2.21 million ($315,000 per unit).

CBRE’s Eric Chen and Blake Torgerson represented the buyer in the transaction. The Kazanjian Exemption Trust sold the investment property.

“The buyer of this property is a repeat client and needed to purchase a property by the end of the year,” said Mr. Chen, executive vice president at CBRE. “Because the buyer could purchase the property in all cash and closed escrow within 21 days, the process was seamless.”

Located in the Canyon Crest area of Riverside, the community was built in 1975 on the Canyon Crest Country Club golf course. The property offers spacious two- and three-bedroom floorplans, five of which are town-house style with golf course views.

According to CBRE research, the Inland Empire multifamily market showed signs of normalization as vacancy hovered near 5% through 2023, and rent growth stagnated in the past two quarters.