AIMCO Holdings LP sold the Canyon Shadows Apartments at 8405-8505 Arlington Ave. in Riverside, CA to Korda Group for $4.5 million, or $37,500 per unit.
The 120-unit multifamily complex is comprised of all studio apartments. The rents at the affordable-housing community are below market, and occupancy at time of sale was 100 percent with a waiting list.
Alex Mogharebi of Hendricks & Partners in Newport Beach represented both the buyer and the seller.
Please refer to CoStar COMPS #2253745 for further details on this transaction.