Silver Star Real Estate has bought Metro 3610, a 304-unit multifamily community in Riverside, Calif. The previous owner, LivCor, had acquired the property in 2019, for $72.3 million, according to Yardi Matrix data. Dean Zander and Stewart Weston with CBRE brokered the deal, representing the seller.
Completed in 1984 and located at 3610 Banbury Drive, Metro 3610 is close to Kaiser Permanente Riverside Medical Center and many retail and dining options, also close to entertainment destinations such as Castel Park, Sky Zone Trampoline Park and Van Buren Drive-In Theatre.
Metro 3610 encompasses 20 buildings, with one- and two-bedroom units ranging from 641 to 768 square feet. Common-area amenities include a fitness center, a clubhouse, tennis and basketball court, a spa, two swimming pools and four laundry facilities. The property also provides monitored security and controlled access.
In-unit amenities include washers and dryers, fully equipped kitchens, walk-in closets and air conditioning. Silver Star is aiming to upgrade the common areas and to continue the interior renovation process; a 10 per cent of the units have been already renovated.
CBRE Executive Vice Presidents Dean Zander and Stew Weston recently negotiated another major deal for a 244-unit luxury community in South Gate, Calif. The property traded for $130 million.