Two Inland Empire garden apartment complexes totaling 203 units have sold for $41.1 million to a Fullerton-based private investor. CBRE’s Eric Chen, Blake Torgerson and Kevin Sin represented the seller, a private owner; Chen also represented the undisclosed buyer.
Built in 1971, the Springbrook Park Apartments in Riverside contains 120 market-rate affordable units in 15 two-story buildings, three miles from the Riverside-Downtown commuter rail station. The complex is about 94% leased. The allocated price for this property was $27.3 million, or $227,500 per unit.
In San Bernardino, Mayfield Park traded for $13.8 million, or approximately $164,286 per unit. It consists of 83 units in 11 two-story buildings and is approximately 95% leased.
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