CBRE facilitated the sale of Ramona Oaks Apartments, located at 3401 Ramona Drive in Riverside, for $10.15 million. The firm’s Eric Chen, Kevin Sin and Blake Torgerson represented both the buyer, WeJ&J LLC, and seller AB Ramona Oaks.
According to Chen: “This transaction is unique because it involves a buyer assuming a loan-to-value ratio of 40%, with a down payment of 60%. The buyer was able to take advantage of an interest-only assumption at a rate of 3.35% until 2027 while also having the potential for a significant increase in rental income through value-add opportunities. This deal highlights the high demand for rentals in Riverside and scarcity of similar opportunities in this market. It is also our team’s third successful multifamily transaction with this particular seller this year.”
The community consists of five buildings built in 1972 offering one- and two-bedroom units averaging around 809 square feet each. Amenities include electric-equipped kitchens, wood plank and carpet flooring, private patios or balconies,and air conditioning systems that have all been recently updated along with new roofs on all buildings.
