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Seven Inland Empire multifamily properties change hands

Seven Inland Empire multifamily properties change hands

CBRE has completed sales of seven multifamily properties in the Inland Empire worth a combined $14.4 million.
The buyers are all private investors attracted to the two-county region because rents there are rising, according to a statement released Monday.
Names of buyers and sellers were not made public.
The properties are:
• Eight-units at 863-905 N. Vineyard Ave., Ontario that sold for $2.3 million.
• Nine units at 4640 Olivewoood Ave., Riverside that sold for $1.3 million.
• Twelve units at 213-217 W. County Line Road, Calimesa that sold for $2.19 million.
• Eight-units at 138 E. Graham Ave., Lake Elsinore that sold for $1.83 million.
• Twenty two units at 580 W. E St., Colton that sold for $3.19 million.
• Ten units at 1354-1356 Jasper Ave., Mentone that sold for $1.68 million.
• Eleven units at 1358 Jasper Ave., Mentone that sold for $1.88 million.
“The Inland Empire has been one of the fastest-growing regions in the nation in terms of rent growth,” said Eric Chen, senior vice president with CBRE and a member of the negotiating team. “This has created huge investor interest. The outlook for multifamily in the region is likely to be strong for years to come.”

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