Los Angeles – May 7, 2020 – CBRE announced the sale of a 24-unit multifamily property, The University Palms in Loma Linda, Calif., to a private buyer for $6.3 million.
CBRE’s Cray Carlson represented the seller, a private investor, in the transaction.
Located 25356 Cole Street, The University Palms was originally built in 1968 and is comprised of 24 two-bedroom, one-bathroom units. The property sits on a 1.01-acre lot and underwent extensive interior and exterior renovations in 2005. Amenities include a laundry facility, pet play area and 47 parking spaces.
The University Palms is walking distance to Loma Linda University, as well as numerous hospitals, research facilities and health and wellness centers. The apartment community is less than two miles from I-10, a major freeway that connects Loma Linda to Los Angeles, Orange and Riverside Counties.
“The property had been marketed for six months before we took over the listing and developed a targeted marketing strategy for the asset,” said Carlson. “We were able to obtain a markethigh sales price while also providing the buyer, who was nearing the end of a 1031 exchange, with a perfect property in a great area of Loma Linda.”
“The buyer, a private investor based in the Inland Empire, was identified through an established long-term client relationship,” said Torgerson. “We were able to help them complete their 1031 exchange from a property located out of state and successfully accomplish their goals of purchasing a stable asset in a desirable location that will not require extensive renovations in the foreseeable future.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.