CBRE has announced the sale of The Kimberly Apartments, a 54-unit multifamily property located at 475 E Cypress Avenue in Redlands, California. The vintage garden-style community was marketed as an investment opportunity, with Sirott Investments identified as the owner at the time of sale.
The buyer acquired the asset for approximately $12.3 million, with pricing metrics that underline the investment thesis. The trade reflects a basis of $228,704 per unit and $144 per square foot. The reported current cap rate at closing was 5.71%, while a 7.84% pro forma cap rate was cited, indicating a spread between in-place performance and underwritten upside for the new ownership.
Buyer representation was handled on an exclusive basis by Eric Chen and Blake Torgerson, who acted on behalf of the purchaser in the transaction. The closing adds another multifamily trade to the Redlands investment sales pipeline, with detailed operating metrics disclosed to the market as part of the announcement.
Originally built in 1964, The Kimberly Apartments total 86,040 square feet situated on more than 2.5 acres. The unit mix is composed of six one-bedroom/one-bathroom units, forty-two two-bedroom/two-bathroom units, and six three-bedroom/two-bathroom units. Units were described as house-like in scale, averaging nearly 1,500 square feet, which is larger than many contemporary multifamily layouts.
The property is positioned as a fully amenitized community, featuring a swimming pool, fitness center, laundry facilities, spa, and ample on-site parking. These amenities support its role as a conventional multifamily rental asset rather than a mixed-use or specialty housing property.
Location was emphasized as a key attribute of the investment. The property sits directly across from Albertsons Market, Chase Bank, and Panera Bread, providing residents immediate access to neighborhood retail and services. It is also a short drive from charming Downtown Redlands and within walking distance of Redlands High School, reinforcing its appeal to renters seeking proximity to both daily necessities and local amenities.
With a disclosed current and pro forma cap rate profile, substantial unit sizes, and a well-amenitized offering in a neighborhood setting, the transaction provides a data point for multifamily pricing and yield expectations in the Redlands market.
