Cameron Properties Sells Inland Empire Community
The property, featuring a mix of affordable rental units with street-level retail space, sold for nearly $5 million to a private investor.
By Jeff Hamann
Cameron Historical Building
Cameron Properties has sold the Cameron Historical Building in Temecula, Calif. for $4.8 million. The buyer, a private investor based in Murrieta, acquired the property with a $2 million, 25-year mortgage provided by Standard Insurance Co, according to Riverside County records. An Avison Young team led by Peter Hauser and Matthew Hauser represented the seller in the transaction.
Situated in Old Town Temecula, the four-story apartment community contains 24 affordable housing units above three ground floor retail spaces. Constructed in 2008, the building is fully leased. Located at 41925 Fifth St., the property is surrounded by numerous restaurants and shops and sits within a half mile of the Temecula Valley Freeway, enabling convenient access to the region.
“The Temecula market continues to remain strong and has garnered a good amount of investor interest as it offers a diversity of housing options, a desirable quality of life with nearby amenities and is near the 215 and 15 freeways, providing convenient access to adjacent San Diego and Orange counties,” said Peter Hauser, Avison Young principal, in a prepared statement. “With a high demand not only for multifamily product in general, but affordable housing, Cameron Historical Building is poised to provide the new ownership with a steady cash flow and long-term stable investment.”
This sale comes following a solid year of growth in the Inland Empire’s housing market, according to a recent Yardi Matrix report.
Image via Google Street View
