**Inland Empire Multifamily Duo Sells for $41.1 Million**
CBRE has announced the successful sale of two multifamily communities in California’s Inland Empire for a combined total of $41.1 million. The properties include Springbrook Park Apartments, a 120-unit complex located at 1100 N. Orange Street in Riverside, and Mayfield Park Apartments, an 83-unit property located at 345 W. 41st Street in San Bernardino.
The brokerage team of Eric Chen, Blake Torgerson, and Kevin Sin represented both the buyer and seller in the transaction.
CBRE’s Debt & Structured Finance division, led by Ryan Wilkinson, arranged $22.8 million in acquisition financing for the deal, as well as a $12 million cash-out refinance on the buyer’s existing asset, The Oliver. This blended financing package, totaling $34.8 million, enabled the buyer to complete the acquisition with just $6.3 million in equity.
“This integrated approach demonstrates CBRE’s ability to deliver seamless execution and maximum value for our clients,” said Eric Chen. “Bringing Springbrook Park and Mayfield Park to market for the first time in more than 50 years required a nuanced strategy, and we’re proud to have achieved a successful closing.”
The sale highlights continued investor interest in value-add multifamily assets across the Inland Empire.
