Riverside Apartments Trade for $53M

Klingbeil Capital Management has sold Canyon Crest Views for $53.5 million to a private buyer. The property is a 178-unit multifamily property in Riverside.

Located at 5253 El Cerrito Drive, the property has a mix of two- and three-bedroom townhomes with two-car garages helped, which helped push the pricing north of $300,000 per-unit.

Managing directors Jeff Rowerdink and Joe Leon of Berkadia’s Irvine, California office, along with managing director Jim Fisher and senior director Mike Smith of Berkadia’s Los Angeles office represented the seller in the deal.