210-Unit Value-Add Portfolio in SoCal | No City Rent Control
Long Term Ownership | Mkt Cap Close to 7%
Marketing description
Tour Dates (By Appointment):
Redlands & Riverside - by appointment
Upland – April 28
Berkadia is excited to exclusively offer for sale a 210-Unit Value-Add portfolio in Southern California with No City Rent Control. This portfolio is comprised of 6 properties totaling 210 units, all located in desirable inland empire locations, including Riverside (95 units; 2 adjacent properties), Redlands (54 units; 1 property), and Upland (61 units; 3 properties on the same block). Owned by the same long-term ownership (some owned for over 20 years), the portfolio offers a tremendous value-add opportunity with over $340/unit/month in rental upside potential and a market cap rate close to 7%.
The properties feature spacious home-like units averaging over 1,000sf with some townhouse-style units, and an attractive unit mix of studio, one-, two-, and three-bedroom units. All 6 properties are in desirable locations near downtown areas, major shopping destinations, dining, entertainment, and outdoor recreation. Minutes to highly rated universities and colleges, including UC Riverside and University of Redlands.
The properties Can be Purchased Together, Individually, or In Any Combination.
Investment highlights
LINKS TO ALL PROPERTIES:
95 units on 3.5 acres (across street from Canyon Crest Town Centre; minutes to Downtown Riverside and UC Riverside)
https://properties.berkadia.com/via-zapata-properties-487536/
54 units on over 2.5 acres (3 minutes from Downtown Redlands and University of Redlands)
https://properties.berkadia.com/kimberly-487272/
61 units minutes to Historic Downtown Upland
https://properties.berkadia.com/amber-court-properties-492804/
PORTFOLIO HIGHLIGHTS
- Rare Opportunity to purchase 210 units in desirable inland empire locations (Redlands, Riverside, and Upland)
- Tremendous Value-Add Opportunity same long-term ownership for all properties; some owned for over 20 years
- Over $340/Unit/Month in Rental Upside Potential; market cap rate close to 7% with no city rent control restrictions
- Priced Below Replacement Cost at $212 PSF
- Prime Inland Empire Locations with fantastic fundamentals, growing populations, high occupancy, and rapidly rising rental rates
- Spacious Home-Like Units Averaging Over 1,100 Square Feet; some townhouse-style units
- Ample Parking with 343 parking spaces for 210 units
- Attractive Unit Mix of studio, one-, two-, and three-bedroom units
- Minutes to Major Freeways and Transit providing easy access to employment centers throughout the Inland Empire, Orange County, and LA County
- Desirable Locations near downtown areas, major shopping destinations, dining, entertainment, and outdoor recreation
- Minutes to Highly Rated Universities and Colleges, including UC Riverside and University of Redlands
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