The 32-unit complex, Las Palmas, has been acquired by Amcap Las Palmas Associates LP. The company has paid $1.5 million for the property, which is located at 6668 and 6698 Palm Avenue.
Paul Runkle of the Inland Empire office of Hendricks & Partners acted on behalf of the seller, Little River Town LP of Greenwood, CO.
With its steady rise in population and relatively low unemployment rates, Riverside continues to boast a large base of multifamily tenants. Employment here is actually on the rise, as the region's unemployment level decreased 0.3% in February 2002. Riverside's unemployment rate dropped from 5.7% in January to 5.4% in February, according to a new report by the State of California Employment Development Department.
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