Los Angeles – Sept. 7, 2021 – CBRE announced the sale of a seven-property multifamily portfolio in Southern California’s Inland Empire region for a total of $14.4 million.
The properties are located in Ontario, Riverside, Calimesa, Lake Elsinore, Colton and Mentone, totaling 80 units. The buyers across all the transactions were local private investors who purchased in the Inland Empire attracted by the substantial rent growth in the region.
The properties include:
• Eight-unit property at 863-905 N. Vineyard Avenue, Ontario. Sold for $2.3 million. • Nine-unit property at 4640 Olivewood Avenue, Riverside. Sold for $1.3 million.
• Twelve-unit property at 213-217 W. County Line Road, Calimesa. Sold for $2.19 million.
• Eight-unit property located at 138 E. Graham Avenue, Lake Elsinore. Sold for $1.83 million.
• 22-unit property at 580 W. E Street, Colton. Sold for $3.19 million.
• Ten-unit portfolio at 1354-1356 Jasper Avenue, Mentone. Sold for $1.68 million.
• Eleven-unit property at 1358 Jasper Avenue, Mentone. Sold for $1.88 million.
CBRE’s Eric Chen and Blake Torgerson helped facilitate all seven transactions. CBRE’s Melinda Russell helped Chen and Torgerson in facilitating the Colton transaction.
“The Inland Empire has been one of the fastest-growing regions in the nation in terms of rent growth,” said Chen. “This has created huge investor interest. The outlook for multifamily in the region is likely to be strong for years to come.”
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. Please visit our website at www.cbre.com.
