February 18, 2016
University Iowa Gardens, a 100-unit apartment complex located a block from the University of California, Riverside, has been purchased for $13.5-million by Wetton Investment Properties.
The 96-percent leased property, located at 3996 Iowa Dr. in Riverside, was built in 1974, and sits on 96,714 square feet. The new owner plans to convert the units to student housing.
Lee & Associates’ Joseph Chavez represented both the buyer, as well as the seller, Positive Investments, Inc., in the off-market transaction.