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Apartment Building in Riverside

Apartment project sells for $8.3 million

A 44-unit apartment complex in Riverside has been sold for $8.3 million.

Ramona Oaks Apartments, 3401 Ramona Drive, is a six-building property that features 20 one-bedroom, one-bathroom units and 24 two-bedroom, one-bathroom units, according to CBRE.

The buyer and seller were both private investors whose names were not released. CBRE represented both parties.

The project is near Riverside City College, Riverside Municipal Airport, and the 91 Freeway.

“Riverside is a core market in the Inland Empire,” said Cray Carlson,  a senior vice president with CBRE and a member of the brokerage team.. “Inventory in Riverside has been limited, but Ramona Oaks had been on the market with a reputable brokerage firm that wasn’t able to sell it. We were able to use the CBRE platform to find the perfect buyer.”

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