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Seniors Apartments Sell for $7.92M

HEMET, CA-The property, for tenants 55-and-older, is one of relatively few such complexes to be offered for sale in a tight market. The 11-building complex was 96% occupied at the time of sale.

By Bob Howard | Updated on October 18, 2002

HEMET, CA-RK Multifamily Income Fund XII of Long Beach bought the 177-unit Hillside Park Senior Apartments at 1000 S. Gilbert St. from Temecula-based Hillside Park LP for $7.92 million, according to Udi Y. Katz of Coldwell Banker Commercial.Katz, who represented the buyer and the seller, tells GlobeSt.com that Hillside Park is a 55-and-older complex that is one of relatively few such properties to trade in a tight market.

“There are not many on the market, and there is not much new construction,” Katz tells GlobeSt.com. “The market is as tight as I have seen it in my 15 years here.”Katz, who specializes in Inland Empire apartment properties, tells GlobeSt.com that strong demand from investors continues to push prices up and cap rates down in the Inland Empire.

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