Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of ReNew Riverside, a 128-unit apartment complex in Riverside, California. The property sold for $35.35 million, which equates to $276,171 per unit.
“In 2021, the Inland Empire had its strongest rate of household formation since 2006, and with vacancy under 2 percent, the region has one of the nation’s tightest multifamily housing markets, “said Alexander Garcia, Jr., IPA executive managing director investments. “Despite the current lack of multifamily supply, there is little new construction in the pipeline for the third consecutive year.” Garcia, Tyler J. Martin and Christopher J. Zorbas represented the seller, FPA, and procured the buyer, Interwest Capital Group, which assumed the existing debt. “Previous ownership renovated over half of the units. Further upside remains through improving remaining interiors and giving the already renovated units a strategic touch-up,” added Martin.
ReNew Riverside is within a short commute of all major employers in Riverside, and close to freeway access. There are approximately 1.9 million jobs in the Inland Empire within a 30-minute drive. Riverside’s three Metrolink rail lines provide access to neighboring Orange, San Bernardino, and Los Angeles counties.
Built in 1987, the unit mix at ReNew Riverside’s is all two-bedroom apartments. The average unit size is 841 square feet. The amenity package includes a swimming pool, business center, laundry facility, and a covered parking space per unit.