Northmarq brokers $18.6M sale of Westbrook Apartments, the highest price per unit sale Riverside County in 2024
RIVERSIDE, Calif. (Nov. 21, 2024) — Northmarq’s Orange County Multifamily Investment Sales team led by Managing Director Shane Shafer and Senior Vice President Peter Hauser completed the $18,575,000 sale of a 56-unit multifamily property in Riverside, California. Westbrook Apartments sold for approximately $332,000 per unit, the highest price per unit sale in Riverside County year to date for 2024, per Northmarq’s research team. Northmarq represented the seller.
“This sale showcases continued investor interest in newer, high-quality apartments in Southern California growth markets,” said Shafer. “Opportunities like Westbrook continue to be at the top of the lists for investors seeking consistent and stable returns, great market fundamentals and the ability to buy below replacement cost.”
The 56-unit boutique apartment community is located at 4680 Mitchell Avenue in the highly desirable Inland Empire market, offering residents access to over one million jobs. Built in 2023, Westbrook Apartments offers one- and two-bedroom apartment homes with state-of-the-art modern kitchens, stainless steel appliances, quartz countertops and in-unit washer and dryers. In addition to luxurious interiors, the Class A multifamily property boasts resort-style amenities, including a swimming pool and spa, fully equipped fitness center, covered parking and more. Residents also enjoy close proximity to Riverside’s burgeoning downtown, home to two historic performing arts centers and a variety of bars, restaurants and entertainment.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
