IPA Negotiates $35.3M Sale of ReNew Riverside Apartment Complex in Inland Empire
RIVERSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of ReNew Riverside, a multifamily property in Riverside. FPA sold the asset to Interwest Capital Group for $35.3 million, or $276,171 per unit.
Built in 1987, the property features 128 two-bedroom units with an average size of 841 square feet. Community amenities include a swimming pool, business center, laundry facility and covered parking.
Alexander Garcia Jr., Tyler Martin and Christopher Zorbas of IPA represented the seller and procured the buyer, which assumed the existing debt, in the deal.