CBRE Announces Sale of 36-Unit Apartment Complex in California’s Inland Empire for $5.5 Million – CBRE

19 May 2020

Riverside-MF

First time the property traded hands in 45 years

Riverside, Calif. – CBRE announced the sale of a 36-unit multifamily property in Riverside, Calif. to an unidentified local buyer for $5.5 million.
CBRE’s Eric Chen and Blake Torgerson represented the buyer in the transaction.

The corner lot property, located at 3801 Madison Street & 7469 Magnolia Avenue, sits within walking distance to Cal Baptist University and features 18 one-bedroom and 18 two-bedroom units. Amenities include a swimming pool, multiple on-site laundry facilities and ample covered and open off-street parking spaces.

The private San Diego-based seller, having owned the property free and clear, provided interest-only seller fixed-rate financing for five years at 3.75 percent. This is the first time the property traded hands in more than 45 years. “We discovered some cash-flow issues during the due diligence process,” said Chen. “Thanks to our team’s expertise and diligence and the willingness of the seller to step up to provide competitive lending, we were able to close this transaction in spite of challenges.”

Added Torgerson, “This is a great example of overcoming difficulties and marrying a motivated seller with a willing buyer during these unprecedented times. In order to make this deal work for all parties involved, we were able to successfully negotiate a slight reduction in price and for the seller to carry interest-only financing at very competitive terms. Truly a win-win for all.”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.