Kidder Mathews has arranged the $21.8 million sale of two adjacent workforce housing properties totaling 113 units in Riverside, California.
The transaction included University Gardens, a 25-unit property at 1480 Seventh Street, and Normandy Apartments, an 88-unit complex at 3681–3725 Cranford Avenue comprising two side-by-side, 44-unit buildings. Both properties feature swimming pools and were under common ownership before being sold together in a single transaction.
Senior Vice President Jon Mitchell, based at Kidder Mathews’ Orange County office, represented the seller and generated multiple offers through a competitive marketing process.
The sale closed at a price of approximately $192,920 per unit and $244 per square foot. Located within an Opportunity Zone, the gated, garden-style communities consist of two- and three-story walk-up apartment buildings.
The seller elected to sell the properties as part of a broader strategy to redeploy capital amid what it described as an increasingly challenging business and regulatory environment in Southern California.
“The combination of strong pricing, multiple offers, and an expedited 60-day closing reflects the continued demand for multifamily investments in the Inland Empire,” said Mitchell. “The transaction comes at an important time, as sellers navigate elevated interest rates while buyers continue to seek opportunities that provide positive leverage.”
The sale highlights continued investor interest in multifamily assets across the Inland Empire, particularly workforce housing properties with established operating histories and attractive locations.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Nevada, Arizona, and Texas. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages 55 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
