INTERWEST CAPITAL COMPLETES $36 MILLION PURCHASE OF Riverside, CA MULTIFAMILY PROPERTY
Riverside and San Diego — February 10, 2022 — Interwest Capital Group today announced the $36 million purchase of Renew Riverside , a garden-style multifamily property located in Riverside CA.
“The Riverside-San Bernardino market has one of the lowest vacancy rates in the U.S. The strong vacancy, robust demographic growth, the continued expansion of the industrial distribution economy, limited new supply, as well as migration pattern primes the Inland Empire markets for robust rent growth. We are very excited about the acquisition. We plan to continue the renovation program for the units, as well as plans to upgrade and expand the amenity package through upgrades to the pool and common areas”, says Director of Acquisitions Elliott Burrell. Through this, the property can better compete in a sub-market undergoing profound change and growth.
The property, located in the heart of Riverside, and close walking distance to a new retail center that is under construction has been re-named “Veranda Riverside” located at 6195 Pegasus Dr, Riverside CA 92503. The property was built in 1987 and consist of all two-bedroom apartments.
Property photos available upon request
About Interwest Capital Group:
Interwest Capital is a privately held firm founded in early 2003 by executives with diversified backgrounds and extensive knowledge in the real estate and financial industries. Interwest specializes in the acquisition, operation, and repositioning of commercial real estate.