(EDITOR’S NOTE: According to Northmarq, the property sold for $45 million, or 424,528 per unit.)
SAN DIEGO, CALIFORNIA – NorthMarq’s Managing Director Kyle Pinkalla and Associate Vice President Erik Anderson, completed the sale of Canyon Crest Luxury Apartments. The 106-unit “value-add” multifamily property, built in 2004 is located at 1550 Central Avenue in Riverside, California. The property was purchased by R.W. Selby from the original developer/owner and extensive renovations are planned.
“This opportunity presented a blank canvas with tremendous upside for the buyer as the property has a fantastic location and was built with great bones and huge floor plans,” said Pinkalla.
The sale comes in the context of a healthy third quarter, according to Northmarq’s Q3 San Diego Multifamily Market Report. Quarterly sales activity has been consistently strong throughout most of 2021, outpacing levels from recent years. Transaction velocity gained momentum during the third quarter. Cap rates have compressed somewhat this year, averaging approximately 3.9 percent, while the median price has reached $296,700 per unit.
The property comes equipped with private patios on ground-level apartments and private decks on second-floor apartments, assigned parking garages, fitness center, business center with free internet access, pool/spa and clubhouse. Apartment amenities include: High-speed internet access, Wi-Fi, in-unit washer/dryer, air conditioning, smoke free environment, cable ready, security system, storage units, fireplace and sprinkler system.
Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.
