May 1, 2019
Las Casitas Apartments, a 71-unit community located on Correll Street in Riverside, CA, has sold with multiple offers for a sales price of $11.55 million. The buyer was an unnamed Inland Empire-based private investor.
Built in 1971, the one-story apartment community comprises 15 residential buildings totaling 61,639 rentable square feet. The complex is situated on a 3.92-acre site.
The Mogharebi Group’s (TMG) Alex Mogharebi and Otto Ozen represented the seller, an undisclosed Orange County private investor, as well as the buyer.
TMG’s Otto Ozen says, “Due to the bungalow configuration, desirable unit mix, low price per unit of this property, and upside with a value-add program, there was significant interest in this deal.”
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