Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HEMET, CA-RK Multifamily Income Fund XII of Long Beach bought the 177-unit Hillside Park Senior Apartments at 1000 S. Gilbert St. from Temecula-based Hillside Park LP for $7.92 million, according to Udi Y. Katz of Coldwell Banker Commercial.Katz, who represented the buyer and the seller, tells GlobeSt.com that Hillside Park is a 55-and-older complex that is one of relatively few such properties to trade in a tight market.

“There are not many on the market, and there is not much new construction,” Katz tells GlobeSt.com. “The market is as tight as I have seen it in my 15 years here.”Katz, who specializes in Inland Empire apartment properties, tells GlobeSt.com that strong demand from investors continues to push prices up and cap rates down in the Inland Empire.

“But the buyers are getting in at very low interest rates,” he says, “so the properties still cash-flow.”

Hillside Park is an 11-building complex of wood frame stucco with flat composition roofing that was built in 1980 and was 96% occupied at the time of the sale. It includes 132 one-bedroom units of about 500 sf average and 45 two-bedrooms of about 700 sf average. Rents average about $495 for the one-bedrooms and $595 for the two-bedrooms. Rents are “slightly below market,” according to Katz.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.