Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of ReNew on 14th Apartments, a 100-unit multifamily asset in Riverside, California.
“With 14.7 percent year-over-year rent increases and 1.6 percent vacancy, the Inland Empire is one of the strongest rental markets in the United States,” said Bill Roblero, vice president investments in Marcus & Millichap’s Ontario office.Roblero, IPA’s Alexander Garcia Jr. and Christopher Zorbas represented the seller, FPA Multifamily LLC and procured the buyer, Investment Concepts Inc., which was represented in-house by George Chami Jr. “Annual average rent is expected to increase 5.2 percent over the next five years, supporting ReNew on 14th’s position as an asset that will continue to appreciate over time,” added Garcia.
ReNew on 14th is within walking distance of Downtown Riverside, one mile from State Route 91. Major employers, including distribution, fulfillment, and Amazon centers are accessible from the community via State Routes 91 and 60, and Interstate 215. Three Metrolink rail lines with connection to a fourth provide traffic-free access to neighboring Orange, San Bernardino, and Los Angeles counties. Riverside City College, University of California Riverside, and Riverside Community Hospital are close to the property and there are three shopping centers within walking distance.
“The property presents the buyer with a value-add opportunity that will reposition it as one of the area’s market leaders,” noted Zorbas.
Built in 1986 on four-plus acres, ReNew on 14th Apartments has a complete amenity package for its residents, including a swimming pool and spa, two laundry facilities, a parcel locker program, leasing office, garages and covered parking.
