August 7, 2017
Commercial real estate giant CBRE has announced the $5.7 million sale of a four-property multifamily portfolio located in Yucaipa and Calimesa, California. CBRE First Vice President Eric Chen, a seasoned multifamily investment specialist, represented both the buyer, KEBA Capital, LLC, and seller, Magnus Investment Partners, LLC, during the transaction which closed July 31, 2017. The properties reportedly total 32,471 square feet, and feature 43 units.
“This portfolio was a rare opportunity to acquire well-located properties… with our guidance, the sellers have been upgrading the buildings’ interiors and exteriors to maximize the portfolio’s value,” Chen stated.
CBRE has high hopes for the Inland Empire, as the area has seen “continuous job growth since the end of the Great Recession.” With a strong influx of new residents between 2010 and 2016, the firm expects multifamily property demand to continue its strong growth in this market.
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