Colliers International Completes the Sale of an 82 unit Multi-Family Property in the Inland Empire
Inland Empire – January 27, 2011 – (RealEstateRama) — Colliers International, the second largest real estate services organization globally, has completed the sale of a 89,248-square-foot multi-family property located at 301 E. Cypress Ave, Redlands, CA to Sequoia Equities, a Walnut Creek-based real estate investment firm. The property sold for $625,000 above list price, at $11.625 million and $141,768 per unit.
Kitty Wallace, executive vice president, based in Colliers International’s West Los Angeles office, represented the buyer and the seller, MJW Receivers.
“We ran an aggressive marketing campaign for the seller and received 21 offers in just eight days, 19 of which were above asking price,” said Wallace. “With so many offers on Cypress Villas, it is clear that there is investor demand for the Inland Empire. Positive third quarter statistics indicate that the Inland Empire may have found its way out of the recession.”
Built in 2004, Cypress Villas is an 82 unit garden style property situated on 4.68 acres in the Inland Empire. This gated community features a mix of one, two, and three bedroom apartments that were 100% occupied at the point of sale. The property also features a large leasing office, community room, fitness center, and a resort style swimming pool and spa. The property is well-situated in one of the best areas of the city, just east of Redlands Blvd. and the 10 freeway. It is also within one mile of the University of Redlands, History Downtown Redlands, the Redlands Mall and Prospect Park.
Angela S. Hwang
Regional Marketing Coordinator
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