June 14, 2019
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CBRE completed the sale of two senior active-living apartment buildings in Riverside, CA, totaling $6.87 million.
The first property, Orangeville Senior Living, is located at 1054 N. Orange St. The 23-unit building (pictured), built in 2010, sold for roughly $4.43 million. CBRE’s Debt and Structured Finance team arranged the loan on behalf of the buyer with a five years-fixed 4% interest rate.
The second property, Madison Villa Arms at 3628 Madison St., sold for $2.45 million in an all-cash, 1031-exchange deal. The property, which was built in 2017, consists of all two-bedroom, one-bathroom units.
CBRE’s Blake Torgerson and Eric Chen represented the unnamed seller, the original developer of both properties, in the transactions. The two private buyers were also represented by the Chen and Torgerson team.
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