Ramona Oaks Apartments, a 44-unit multifamily property in Riverside, sold for $10.15 million, or $231k/unit.
Ramona Oaks offers a mix of one- and two-bedroom floorplans, averaging 809 sf. Each unit features an electric-equipped kitchen, wood plank and carpet flooring, private patios or balconies, and air conditioning. The community amenities include a swimming pool, on-site laundry facilities, and covered parking. Built in 1972, the community’s five buildings all have new roofs.
Situated at the Ramona Drive and Olivewood Avenue intersection, the community is adjacent to State Route 91 and within minutes of Riverside City College and the University of California, Riverside.
CBRE’s Eric Chen, Kevin Sin and Blake Torgerson represented both the buyer, WeJ&J LLC, and the seller, AB Ramona Oaks, in the transaction.
“This is a rare multifamily transaction where a buyer assumes a 40% loan-to-value loan with a 60% down payment,” said Chen. “The buyer took advantage of a 3.35% interest-only assumption through 2027 while capturing the 40% upside in rents as a value-add opportunity. This transaction speaks volumes on Riverside’s strong rental demand and scarcity of these opportunities. This is also the third multifamily transaction done by our team for the same seller this year.”
According to CBRE research, total multifamily investment sales nearly doubled in Q2 2024, with $457 million transacting, up from $231.2 million in Q1 2024.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
