Riverside is continuing to see a number of properties trade hands, with one recent deal involving a senior living center. According to public records, the Arlington Riverside Senior Community traded in a $19.4 million deal, or approximately $293 per square foot. An entity tracing to Simcha Mandelbaum purchased the property from an entity linked to Phuong Pham.
The property is located at 4609 Arlington Ave. and consists of a 66,211 square foot, two-story assisted living center with a total of 150 beds. The community was built in 1973 and is situated on 1.52 acres.
In the southwest portion of Riverside, the property sits near various single family homes. Nearby are also several retail buildings and medical offices. State Route 91 is also within a quick commute from the property.
The Inland Empire has seen several similar sales transactions in recent months.
In one transaction, a 17-unit senior facility was sold in Ontario for $10.44 million, previous reporting from The Registry shows. That property was acquired by entities linked to Fuqiang Liu, which acquired 66 percent ownership in the property, and Shuangfeng Liu & Hao Hong, which acquired 34 percent ownership of the property. The selling entity is linked to Ben Ellenberg. Totaling 10,080 square feet, the property is located at 718 East Maitland St. and consists of 17 rooms for seniors.
Prior to that in March, Positive Investments purchased a senior living community located at 32325 S Pasadena St. in Wildomar for $28.5 million. The seller in the transaction was an entity tracing to William Craig Thralls. The property consists of 284 units and is called the Wildomar Senior Leisure Community.
