Klingbeil Capital Management has sold Canyon Crest Views, a 178-unit residential community in the Inland Empire region of California, for $53.5 million to an undisclosed buyer. A Berkadia team of Jeff Rowerdink, Joe Leon, Jim Fisher and Mike Smith represented Klingbeil in the deal.
The sale marks the second time this summer that Klingbeil has sold one of its Southern California multifamily properties. In July, the company sold a 93-unit community in San Pedro to MWest Holdings for $20.8 million. Last fall, Klingbeil purchased The Enclave at Town Square, a 124-unit in Chino, for $31 million from Essex Property Trust.
Klingbeil originally purchased Canyon Crest Views for $12.8 million in 1996, according to Yardi Matrix data. The community is located at 5253 El Cerrito Drive in Riverside, less than one mile from the University of California Riverside campus. Built in 1982 on 11 acres, the residential property houses a mix of one-, two- and three-bedroom townhouse units with an average size of 1,193 square feet. Resident amenities at the community include two swimming pools, a fitness center and parking for 178 vehicles. According to Berkadia, the new owner plans to complete ongoing renovations at the property as well as update resident amenities.
The Inland Empire multifamily market has experienced a 4.2 percent increase in rent growth over the past year, driven by the area’s limited inventory and affordability compared to nearby metros, according to a recent Yardi Matrix report.