Apartment

Two Mega Deals for Apartment Complexes in Rancho Cucamonga, Downtown Riverside – Press Enterprise

The 55-plus village on the 5th apartment complex in Rancho Cucamonga has been sold to investors for $97 million, according to Vizzda, a commercial real estate data provider.

The buyer was multi-family real estate investment firm Greystar Real Estate Partners in Charleston, SC The seller was Acacia Capital Corp. in San Mateo.

The case was concluded on July 28.

The 264-unit, three-story complex comprises four sprawling residential buildings across 218,508 square feet. The community was completed in 2005 on nearly 10 acres and includes a mix of 12 studios, 135 one-bed and one-bath units, 35 two-bed and one-bath units, and 84 two-bed and two-bedroom apartments. of bath.

Amenities include an on-site salon, fitness center and spa, clubhouse, and swimming pool.

The rent for the complex ranges from $1,880 to $2,755, according to Apartments.com.

Raincross Promenade in downtown Riverside has been sold to investors for $60 million. The building once designed as luxury condos by developer Mark Rubin sits across from the convention center. (Google Street View)

Raincross sold to investors for $60 million

Do you remember the Raincross Promenade apartment complex in downtown Riverside?

The 141-unit property steps from the Riverside Convention Center was built as condos by developer Mike Rubin before the Great Recession wiped out home sales. Rubin said at the time that he had no choice but to turn the 3250 Market St. property into apartments. Last month, Raincross was sold to investors in an LLC for $60 million or $425,531 per unit, according to Vizzda.

Rubin, a prominent Riverside developer and Holocaust survivor, died in February 2021.

The real estate transaction for Raincross was completed on July 25.

The rent for the complex ranges from $2,180 to $3,645, according to Apartments.com. Floor plans are available from studios up to three bedrooms.

The transaction comes as rents are skyrocketing in the Inland Empire.

According to a recent article by writer Jeff Collins, spring quarter rent climbed 16.4% year-over-year to a record average of $2,002. It was the first time rent had crossed the $2,000 per month mark in Riverside and San Bernardino counties. Inland Empire rents, he noted, have jumped more than $650 a month over the past five years.

Rents have risen by double digits since the summer of 2021, when vacancy rates plummeted. Economists told Collins that most rentals were essentially full. Some tenants even said they were willing to prepay a year’s rent or pay more than landlords were asking.

Since Raincross was completed in 2010, rent increases are not capped under a 3-year-old California law that limits hikes to 10% annually. The cap only applies to buildings over 15 years old.

La Palma-based Silver Star Real Estate has acquired this 304-unit apartment complex in Riverside, according to CBRE.  The terms were not disclosed by the firm.  (Courtesy of The Foto Finisher)
La Palma-based Silver Star Real Estate has acquired this 304-unit apartment complex in Riverside, according to CBRE. The terms were not disclosed by the firm. (Courtesy of The Foto Finisher)

La Palma Silver Star Team Buys Riverside Apartment Complex

In another big apartment sale for the Inland Empire, the 304-unit apartment complex at Riverside also changed hands.

Silver Star Real Estate in La Palma purchased the property on undisclosed terms, according to CBRE.

Subway 3610 at 3610 Banbury Drive was built in 1984 on 15.2 acres. CBRE said many units have since been renovated.

“Remodeled units represent approximately 10% of the total and have demonstrated impressive revenue-earning potential,” said CBRE’s Dean Zander. “Silver Star plans to continue improving unit balance and making additional common area upgrades to better position Metro 3610 in this highly desirable submarket.”

Property rents range from $1,857 to $2,633 for one and two bedroom units, according to Apartments.com.

The complex has two swimming pools, a spa and children’s pool, tennis courts, a clubhouse, an updated fitness center and an open green space with children’s playgrounds. picnic areas, grill stations and a playground.

“Metro 3610 has benefited from phenomenal rental growth in the Inland Empire, which has topped 12% in the past 12 months and more than doubled since 2012,” said Stewart Weston, also at CBRE.

Duke Realty buys 30 acres for $97 million from Perris

Nearly 30 acres of land in two parcels, both zoned for industrial use in Perris, the land was sold to Duke Realty for $97 million.

The property located on Webster Avenue and the Ramona Expressway is adjacent to the 1.2 million square foot Lowe’s Distribution Center.

The seller has been identified by Vizzda as Starcrest Products.

Duke Realty, a real estate investment firm, is known for its mega-warehouses leased to Amazon and other logistics providers.

Christian Towns of Rancho Cucamonga has been appointed as a San Bernardino County Superior Court Judge.  (Courtesy of Governor Gavin Newsom's office)
Christian Towns of Rancho Cucamonga has been appointed as a San Bernardino County Superior Court Judge. (Courtesy of Governor Gavin Newsom’s office)

Judicial appointments

Rancho Cucamonga resident Christian Towns was named a San Bernardino County Superior Court judge, replacing retired Judge Donna Garza. Towns has served as an assistant district attorney in the San Bernardino County District Attorney’s Office since 2012 and an adjunct professor at La Verne University School of Law since 2014. She is a Democrat.

New projects

Crest Sotheby’s International Realty in Riverside has merged with Denver-based Majestic Realty. Crest Sotheby’s, operated by broker and owner, Rob Murray, has served communities in the Inland Empire and Orange County for 30 years. Murray said he would remain at the helm of the brokerage, leading a team of 40 sales associates.

For more information, call 951-684-1300 or visit crestsir.com.

Business notes are compiled and edited by business writer Samantha Gowen. Submit articles to [email protected] High resolution images can also be submitted. Allow at least a week for posting. Items are edited for length and clarity.


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