EXCLUSIVE MULTIFAMILY OFFERING

THE OPPORTUNITY

Berkadia is pleased to present Canyon Crest Views*, a 178-unit value-add apartment home community, featuring townhome floor plans, located in the most vibrant pocket of Riverside, CA.

Built in 1982, Canyon Crest Views offers a mix of well thought out one-, two- and three- bedroom floor plans that average approximately 1,193 square feet. The majority of units (168 of 178) are two- and three- bedroom townhomes. All units include outside-accessible garages.

Canyon Crest Views has recently undergone extensive exterior renovations and upgrades including all new windows and exterior re-siding, and painting. Approximately 17% of the units have been renovated to modern standards leaving 83% of the units to be completed by new ownership creating a tremendous value-add opportunity!

The community offers two pools, and stand alone leasing office and fitness center buildings.

Canyon Crest Views is located just minutes from UC Riverside, one of the fast growing universities in California. The University currently has undergraduate enrollment of 24,025 students directly and indirectly supports 12,400 jobs. In 2013 UC Riverside opened its highly successful medical school which has plans for a $80 million dollar expansion.

Canyon Crest Views is across the street from Canyon Crest Towne Center, the region’s most high end shopping and dining destination. Canyon Crest Towne Center includes a Ralphs, Rite-Aid, Starbucks, Bank of America, Canyon Crest Athletic Club, and several other upscale dining and retail destinations.

Canyon Crest Views is a 178-unit, garden-style apartment community located in the highly-desirable Canyon Crest neighborhood of Riverside, California, four miles from the city’s downtown. Built in 1982, the property consists of wood-frame constructed buildings featuring wood and stucco exteriors and pitched roofs with composition shingles. Situated on 10.87 acres of land with 212,292 square feet of rentable space, Canyon Crest Views contains a unit mix comprised of 10 one-bedroom units spanning 858 square feet each, 124 two-bedroom units measuring between 1,116 and 1,184 square feet, and 44 three-bedroom units ranging from 1,317 to 1,426 square feet, with an average unit size of 1,193 square feet. The pet-friendly property is beautifully landscaped with well-maintained grass areas, tree-lined walkways, trimmed shrubs and bushes, and colorful flower beds. Community amenities include two swimming pools, an outdoor spa, fitness center, outdoor-accessible garages, and gated / controlled access.

Canyon Crest Views unit amenities includes:

  • Air conditioning, heat, balcony / patio, internet access, cable ready, ceiling fans, linen closet, spacious walk-in closet, fireplace, and washer / dryer.
  • Fully-equipped kitchen with a dishwasher, disposal, microwave, refrigerator, stove, and pantry.

The Property

INVESTMENT HIGHLIGHTS

  • Value-Add Opportunity: Canyon Crest Views presents a compelling value-add opportunity with 83% of the community still unrenovated (148 units remaining), and the opportunity to refresh common areas (fitness center, leasing office, pool areas) while being located within one of the strongest submarkets of the Inland Empire.
  • Exceptional Unit Mix and Floor plans: Canyon Crest Views was originally built as condominiums. Offering predominantly townhouse floor plans, the units are extremely spacious averaging 1,193 SF and include washer / dryers. The units are well designed with large kitchens, walk-in closets, large patios and balconies, and fireplaces.
  • Low Vacancy and High Rent Growth: Submarket occupancy is currently above 96% and the 2019 rent growth is projected at almost 4%, outpacing Los Angeles County.
  • Major Distribution Hubs: Canyon Crest Views is located within the official distribution hub of Riverside County. Major distribution centers nearby include the new Amazon Fulfillment Center with 650,000 SF & 7,500 employees, Ross Dress for Less with 2,400 employees and Harbor Freight Tools Distribution Center with 790 employees.
  • March Air Reserve Base Repurpose Plan: Redevelopment of 7,000 acres on base will create a total of 38,000 jobs upon build out from both Meridian Business Park (1,290 acres & 16 MSF) and March Lifecare Medical Campus ($3.3B project with over 3.5MSF of health care facilities).
  • Population Explosion with Minimal Apartment Supply: Riverside County population is forecast to grow by approximately 243,000 new residents (48,600/year) by 2024 and currently there are only 1,138 additional apartment units under construction in all of Riverside County.
  • Tremendous Employment Growth: According to Moody’s Analytics, over 380,000 new jobs have been created in the Inland Empire since 2010 and in the last four years, the average has been +52,000 jobs per year which equates to +3.9% growth per year.
  • Close to Public Transit: The Riverside County Bus Route 51, known as “Crest Liner”, is located just 500 feet from Canyon Crest Views and shuttles students to and from UCR.
  • Well Below Replacement Cost: Canyon Crest Views is being offered well below replacement cost.

PROPERTY SUMMARY

Floor Plans

Amenities

UNIT AMENITIES

  • Large Townhome-Style Units
  • Full Size Washer and Dryer
  • Spacious Patios and Balconies
  • Fireplace
  • Updated Kitchens*
  • Vaulted Ceilings
  • Outdoor-Accessible Garages

*Select Units

COMMUNITY AMENITIES

  • Fitness Center
  • Two Sparkling Pools
  • Outdoor Spa
  • Adjacent to Large Shopping Center

The Apartment Homes

Canyon Crest Views Apartments are a 178-unit luxury multifamily complex located in the highly-desirable Canyon Crest neighborhood of Riverside, California. Built between 1982 and 1983, the property is comprised of one-, two-, and three-bedroom units which range in size from 858 to 1,426 square feet. The complex contains 54, two- and three-story residential buildings as well as a two-story clubhouse and a single-story leasing office. The buildings are of wood-frame construction with stucco and wood exteriors as well as pitched composition shingle roofs. Parking at the property is comprised of a combination of open spaces (30) and outside-accessible garage spaces (346) with a total of 376 spaces, equating to a parking ratio of 2.11 spaces / unit. Residents at the property are directly responsible for the payment of electric utilities while additionally there is a RUBS program for gas, water, sewer, and trash, which averages approximately $57.33 per month.

Unit amenities at Canyon Crest Views include central air conditioning / heating, full-size washers / dryers, ceiling fans, spacious closets, patios / balconies, window coverings, and wood burning fireplaces. Additionally, the property has well-amenitized kitchens with premium appliances, which include refrigerators, electric ranges / ovens, dishwashers, microwaves, and garbage disposals. Finally, each unit comes equipped with electronically outdoor-accessible one- or two-car garages.

Common area amenities at Canyon Crest Views include two swimming pools / spas, a fitness center, and gated access. The property also features a host of services including a courtesy patrol, organized social events, and on-site management / maintenance.

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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