CBRE Brokers Sale of Vintage Redlands Apartments
CBRE announced the closing of The Kimberly Apartments, a 54-unit multifamily investment at 475 E Cypress Avenue in Redlands, California. Sirott Investments is listed as the owner.
Eric Chen and Blake Torgerson exclusively represented the buyer in this transaction. The property traded for $12,.3 million, reflecting $228,704 per unit and $144 per square foot, at a 5.71% current Cap Rate with a compelling 7.84% pro forma Cap Rate, representing significant upside for the new ownership.
Built in 1964, the 86,040 SF building sits on over 2.5 acres and features six 1-bedroom/1-bathroom units, forty-two 2-bedroom/2-bathroom units, and six 3-bedroom/2-bathroom units, with spacious house-like units averaging nearly 1,500 square feet. Fully amenitized with a pool, fitness center, laundry facilities, spa, and ample parking, the community is ideally situated across from Albertsons Market, Chase Bank, and Panera Bread, with minutes to charming Downtown Redlands and walking distance to Redlands High School.
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Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
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CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
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Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton and senior investment anaylst...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout