The Inland Empire has seen no shortage of multifamily property sales over the last several quarters. In one recent transaction that closed on Feb. 22, an entity linked to Lester Tjelmeland acquired a 96-unit apartment complex in Riverside from an entity linked to Jeanette Lou Sexton for $23.1 million, or about $255,681 per unit.
Located at 6556 Arlington Ave., the property is called Dove Ridge Apartments. The apartment complex is situated on nearly five acres and consists of 16 two-story buildings totaling 73,451 square feet.
According to Apartments.com, the apartment complex offers a mix of one- and two-bedroom apartment units, ranging in size from 590 to 790 square feet. Dove Ridge Apartments also features various tenant amenities including laundry facilities, a pool and spa and a courtyard.
The apartment complex is located in a primarily residential portion of Riverside, surrounded by single family homes. The site is also just south of the Riverside Municipal Airport and near various retail amenities as well.
The Inland Empire has seen a number of similar multifamily deals over the past few quarters.
In December of 2022, for instance, the Wilson Garden Apartments in Banning sold for $12.25 million, or about $177 per unit. According to previous reporting from The Registry, the property contains 69 units across two buildings located at 5001 & 5059 W. Wilson St.
Prior to that in November, a 44-unit apartment community in Palm Springs sold for $11.25 million, or about $255,681 per unit. The property is called the Sunnyview Villa Apartments and is located at 2900 N. Indian Canyon Drive.
