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RIVERSIDE, CALIF. — Kidder Mathews has brokered the sale of two adjacent workforce housing properties in Riverside. The 113-unit portfolio traded for $21.3 million, or $192,920 per unit and $244 per square foot.
The transaction included University Gardens, a 25-unit property at 1480 Seventh St., and Normandy Apartments, an 88-unit complex at 3681-3725 Cranford Ave. with two side-by-side, 44-unit buildings. Both properties feature swimming pools. Situated within an Opportunity Zone, the gated, garden-style communities consist of two- and three-bedroom walk-up apartment buildings.
Jon Mitchell of Kidder Mathews represented the undisclosed seller in the deal.