CBRE Announces Sale of 264-Unit Apartment Complex in California’s Inland Empire to Greystar Real Estate Partners
20 Dec 2021
CBRE announced the sale of 264-unit apartment complex in Riverside, Calif. to Greystar Real Estate Partners, a global leader in rental housing.
CBRE’s Stewart Weston and Dean Zander represented the seller, Griffin Living, a nationally recognized leader in senior living, multi-family, and retail development.
Viano at Riverwalk, located at 4655 Sierra Vista Avenue, is a high-end apartment property on a 13.5-acre lot. The complex, built in 2015, boasts a diverse mix of units averaging 945 square feet.
“Viano sits within the master-planned community of Riverwalk and is well positioned to take advantage of the unprecedented rent growth in the Inland Empire,” said Weston.
The Inland Empire ranked second in the nation for year-over-year rent growth in Q2 at 14.8 percent, according to CBRE research. The West Riverside submarket is expected to achieve a 10.2 percent year-over-year rent growth for 2021.
Zander added, “Demand for institutional multifamily product remains at the highest level we’ve ever experienced. Due to relative affordability, access to an abundance of employment opportunities at every income level, great freeway access and a plethora of entertainment options, we expect the tremendous investor and tenant demand in the Inland Empire to continue throughout this decade.”
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.