Apartment specialist Bill Roblero of Grubb & Ellis, who represented the buyer and the seller along with John Kalmikov of Grubb & Ellis, tells GlobeSt.com that Nijjar stepped in after a pending sale to another buyer fell through. The seller was Walker Investments of Riverside, which had owned the complex for two years.
The property is a single-story, four-building, wood frame and stucco complex at 448 Eucalyptus Ave. that was built in the mid-1970s and was 96% occupied at the time of the sale.
Roblero tells GlobeSt.com the sales price of $35,417 per unit was a few thousand dollars below comparable sales in Rialto because rents are below market in the complex. The new owner plans to make improvements to add value by raising rents, Roblero says.
Nijjar is privately held group, headed by Mike Nijjar, that owns about 3,500 apartments, representing about 80% of the company's portfolio.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
