Los Angeles – Oct. 21, 2021 – CBRE announced the sale of the 40-unit mobile home community located in California’s Inland Empire to a local 1031- exchange buyer for $7.85 million in cash.
CBRE’s Eric Chen and Blake Torgerson represented the buyer.
“There is a lot of capital seeking opportunities in the Inland Empire region,” said Chen. “This portfolio provided a unique opportunity for a steady cash flow and to potentially sell off units individually in the future.”
The 40 individual mobiles homes, located within the Spring Knolls, Warm Spring Knolls, and Golf Knolls Senior Communities, sit on a hillside area. Each home averages 1,411 square feet and includes a front and backyard.
“Murrieta is a very attractive Inland Empire market for senior residents,” said Torgerson. “What attracted the buyer is the ability to renovate the interiors of the units to provide a better standard of living for residents.”
The CBRE team also represented the seller, a prominent private local investor, who traded into a traditional multifamily property as part of a 1031-exchange.
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 2020 revenue). The company has more than 100,000 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.
