CBRE announced the closing of The Kimberly Apartments, a 54-unit multifamily investment at 475 E Cypress Avenue in Redlands, California. Sirott Investments is listed as the owner.
Eric Chen and Blake Torgerson exclusively represented the buyer in this transaction. The property traded for $12,.3 million, reflecting $228,704 per unit and $144 per square foot, at a 5.71% current Cap Rate with a compelling 7.84% pro forma Cap Rate, representing significant upside for the new ownership.
Built in 1964, the 86,040 SF building sits on over 2.5 acres and features six 1-bedroom/1-bathroom units, forty-two 2-bedroom/2-bathroom units, and six 3-bedroom/2-bathroom units, with spacious house-like units averaging nearly 1,500 square feet. Fully amenitized with a pool, fitness center, laundry facilities, spa, and ample parking, the community is ideally situated across from Albertsons Market, Chase Bank, and Panera Bread, with minutes to charming Downtown Redlands and walking distance to Redlands High School.
