SAN DIEGO, CALIFORNIA – Kyle Pinkalla, Managing Director of Northmarq’s San Diego investment sales team completed the $60 million sale ($425,531 per unit) of Raincross Promenade. The 141-unit luxury property, built in 2010, is located at 3250 Market Street in Riverside, California. Northmarq represented the seller, an entity of Regional Properties LP, the property was purchased by Raincross Promenade, LLC.
Raincross Promenade was constructed in four-stories with structured garage parking. It has an assortment of large floor plans including two-level townhomes, equipped with high-end finishes and amenities.
The sale is representative of the current positive momentum noted in Northmarq’s recent Inland Empire publication.
The property is situated within walking distance of the famous Mission Inn and the historic County Courthouse. Raincross Promenade’s Spanish-colonial styling heralded a new era in Riverside’s celebrated Raincross Square District, bringing luxurious condominium living enhanced by the comfort and convenience of exceptional amenities and enticing community lifestyle features. Located in the vibrant downtown Riverside neighborhood, residents benefit from close proximity to three institutions of higher learning within 6.1 miles, as well as a plethora of entertainment and shopping opportunities nearby.