Riverside's Turtle Creek Apartments Sold for $34.5 Million
Turtle Creek Apartments in Riverside, comprising 98 units, has been sold for $34.5 million, indicating strong demand in the Inland Empire rental market. This transaction exemplifies the ongoing investment interest in multifamily housing amid rising rental prices.
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Turtle Creek Apartments, a 98-unit complex in Riverside, was sold for $34.5 million or approximately $352,000 per unit. The property, constructed in 2020 and covering 89,776 square feet, features one- to three-bedroom units averaging 916 square feet, with rents ranging from $2,597 to $2,897 monthly.
Mountain View Apartments in San Bernardino also recently sold for $10.95 million, highlighting the area's multifamily investment appeal. The state is investing $95.2 million to establish electric vehicle and hydrogen fueling stations, reflecting a commitment to sustainable infrastructure. Risks include ongoing litigation against Abbott Laboratories related to its baby formula, which may impact its financial standing.
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