San Diego-based Logan Capital Advisors acquired a two-property apartment portfolio for $33 million in Colton, CA from Los Angeles-based TruAmerica. The assets include Reche Ridge, a 110-unit apartment complex, and 1333 Canyon, a 104-unit apartment home property. The buildings are located at 2270 Cahuilla St. and 1333 Reche Canyon.
Berkadia’s Jim Fisher and Mike Smith, along with Dean Zander, who subsequently joined CBRE from Berkadia, represented the seller. CBRE also arranged the interest-only debt for the buyer as part of a 1031-exchange.
Zander says, “The increasing demand for housing and manufacturing in this area make multifamily a wise investment. The Inland Empire has really benefitted from the influx of people and jobs driven by all the industrial and e-commerce growth, and is generally considered an affordable alternative to many other Southern California regions.”