IE Business Daily Business news for the Inland Empire.
A 34-unit apartment complex in Riverside has been sold for $7.7 million.
The Potomac Apartments generated multiple offers and sold for $227,941 per unit, according to CBRE.
The complex in the 7400 block of Potomac Street is about a mile and a half from California Baptist University. It has studio, one- and two-bedroom floor plans that average near 630 square feet, and its amenities include patios, laundry facilities, and covered parking.
CBRE represented the seller and the buyer – AB Potomac Apts. LLC and KEBA Potomac Street LLC, respectively – and arranged financing on behalf of the buyer.
The property hasn’t been on the market for 20 years, said Eric Chen executive vice president with CBRE.
“This [complex] represented a rare chance to acquire a portfolio comprising six distinct buildings along the same street,” Chen, said in a statement.
The apartment vacancy rate in Riverside was 5.6 percent during the fourth quarter of 2023, an indication of a “thriving” market, according to CBRE.
