IE Business Daily Business news for the Inland Empire.
A 44-unit apartment complex in Riverside has been sold for $10.1 million.
The five-building Ramona Oaks Apartments are located at Ramona Drive and Olivewood Avenue next to the 91 Freeway and near UC Riverside and Riverside City College, according to a CBRE statement.
CBRE represented the buyer, WeJ&J LLC, and the seller, AB Ramona Oaks, in the transaction.
Built in 1972, Ramona Oaks has one- and two-bedroom units that cover an average 809 square feet. Each has a private patio or balcony, and the complex has a swimming pool.
“This transaction speaks volumes on Riverside’s strong rental demand and scarcity of these opportunities,” said Eric Chen, executive vice president with CBRE, in the statement. “This is the third multifamily transaction done by our team for the same seller this year.”
