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Riverside apartment complex is sold

A 19-unit apartment complex in Riverside has been sold.

The Corwin Apartments at 5755-5580 Corwin Lane were sold recently for $2.8 million, according to CBRE.

Information about the buyer and seller was not released. CBRE represented both parties in the transaction.

Built in 1964, the complex features one-bedroom, one-bathroom and two-bedroom, one-bathroom floor plans. The property is west of Van Buren Boulevard and is within walking distance of Bryant Park and a high-traffic retail center. It is also less than 10 minutes from Riverside Municipal Airport.

“Despite the slowdown in multifamily sales in the face of higher interest rates, smaller privately owned properties throughout the Inland Empire continue to transact,” said Tyler Provines, an associate with CBRE, in the statement,  “In this case, we secured an all-cash buyer who could close escrow in 10 days despite structural issues, meeting both the buyer’s and sellers’ investment needs.”

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