While primarily known for its large industrial market, the Inland Empire has recently seen property in the multifamily sector trade hands. On April 12, an entity affiliated with Lun Wang acquired an apartment property in Riverside from an entity affiliated with Scott Rich for $15 million, or about $267,857 per unit.
Situated at 3626 Jackson St., the property is known as Sago Palms Apartments. It is home to a 56-unit apartment complex, with units spanning three two-story buildings. The property was built in 1967 and totals 1.57 acres.
According to Apartments.com, the property features a mix of one- and two-bedroom floorplans, with rental rates ranging from $1,700 to $2,000 per month. The apartments also feature various community amenities, including laundry facilities, a pool and a gated courtyard.
Sago Palms is located just off Magnolia Avenue within close proximity to various retail and dining amenities. It is also near State Route 91 and a short commute to the University of California, Riverside.
Despite the recent deal, a recent Inland Empire multifamily market report from Kidder Mathews shows that vacancy and construction in the region are trending upwards, while average asking rents have increased slightly. According to the Q12024 report, vacancy in the region has grown by 22 percent year-over-year to 6.1 percent and under-construction properties decreased by 20.52 percent, with 6,396 units under construction during the first quarter of the year. Despite these numbers, the average sales price has increased by more than 11 percent to $190,566 per unit.
