March 27, 2017
The Garden Estates Apartment Homes, a 200-unit residential community in Riverside, CA, sold for $11.7 million. All the units are bungalow style, which means residents don’t share a wall with other units.
Built in 1964 on a 6.1-acre site, Garden Estates is at 5618 Tilton Ave., near downtown Riverside and the University of California, Riverside. The property features such community amenities as a large outdoor pool, a barbecue picnic area, a laundry center, a playground, and controlled access.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the undisclosed SoCal-based buyer, as well as seller.
“Due to the bungalow configuration and low price per unit of this property, the potential buyer pool was significant in size,” Mogharebi said. “Not only did the property have a strong going in yield, it also provided upside with improved management and renovations.”
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