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Doug Wetton Properties Sells La Paz, Las Palmas Apts in Riverside

Investor Pays $8.1M for Two 31-Unit Complexes (UPDATE)
January 19, 2018
Doug Wetton Properties sold two multifamily complexes totaling 62 units in Riverside, CA to local investors for $8.1 million, or about $131,000 per unit.

Located at 2032 W. Linden St. and 2052 W. Linden St., the twin 31-unit multifamily complexes were built in 1958 and were 98 percent occupied at the time of sale.

The buyer financed the acquisition in-part with a new $5.27 million loan provided by JPMorgan Chase Bank N.A. Ryan Wilkinson with CBRE arranged the financing on behalf of the borrower.

Eric Chen, David Killpack, Stewart Weston and John Montakab of CBRE represented the seller. Chen and Killpack also represented the buyer in the sale.

Please see CoStar COMPS #4090803 for more information on this transaction.

Editor's Note: The news story was updated from an earlier release to include CBRE's role in the financing.
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