REAL ESTATE TRANSACTION ALERT
CBRE announced the sale of an 81-unit multifamily property, River Garden Apartments in Needles, Calif., to a private buyer for $2.25 million.
CBRE’s Cray Carlson represented the seller, a local private investor, in the transaction.
Located at 1970 Clary Drive, River Garden Apartments is comprised of 38 two-bedroom, two-bathroom units, and 48 three-bedroom, two-bathroom units, with 69,900 rentable square feet. The property is a low-income housing tax transaction and rent restrictions.
River Garden Apartments is located on 5.89 acres and is an affordable housing apartment complex located near the 40 Freeway and the Colorado River in eastern San Bernardino County. Needles is situated in the Mohave Valley subregion, near the borders of Arizona and Nevada and roughly 110 miles from the Las Vegas Strip.
“The City of Needles has worked diligently over many years to create new private investment economic opportunities for its residents and businesses,” said Carlson. “The city’s economic development strategy has created demand for the development of housing units, retail businesses, and lodging.”