CBRE Facilitates $34.5 Million Sale of Turtle Creek Apartments in Riverside, CA

CBRE has facilitated the $34.5 million sale of Turtle Creek Apartments, a 98-unit multifamily community located at 4826 Van Buren Blvd. in Riverside, California. The off-market transaction closed at a 4.33% capitalization rate and included the assumption of an existing U.S. Department of Housing and Urban Development loan, a process that took approximately one year to complete.

SC El Camino LLC acquired the property from Turtle Creek Residential LLC. CBRE's Eric Chen and Blake Torgerson represented both the buyer and seller. Ryan Wilkinson, also of CBRE, provided Debt & Structured Finance expertise and led the HUD loan assumption process.

Deal Structure and Pricing

At $34.5 million for 98 units, the transaction implies a price of approximately $352,000 per unit and roughly $384 per square foot based on the property's approximately 89,776 square feet of rentable area. The deal's 4.33% cap rate sits well below the broader Inland Empire multifamily average, which stood at approximately 6.0% in the second quarter of 2026, reflecting the premium investors are placing on newer, stabilized assets with institutional-quality construction and favorable existing debt.

The assumption of the HUD-insured loan was central to the transaction's structure. "The successful execution of a complex HUD loan assumption created significant value for the buyer while allowing both parties to achieve their investment objectives," said Eric Chen, executive vice president at CBRE.

Property Overview

Completed in 2020, Turtle Creek Apartments sits on a 179,032-square-foot site — approximately 4.11 acres — in Riverside's Arlanza neighborhood. The community offers one-, two- and three-bedroom units with an average size of 916 square feet. Interior finishes include stainless steel appliances, granite countertops, vinyl plank flooring, in-unit washers and dryers, and walk-in closets.

Community amenities include a swimming pool and spa, fitness center, bark park, tot lot, gated entry, and professional on-site management. The property is situated near Kaiser Permanente Riverside Medical Center, California Baptist University, La Sierra University, and the Galleria at Tyler, with access to major transportation corridors connecting the Inland Empire and Greater Los Angeles region.

"Turtle Creek Apartments generated strong interest due to its institutional-quality construction, amenity package and strategic Inland Empire location," Chen said.

Inland Empire Multifamily Market Context

The transaction comes as Inland Empire multifamily fundamentals have strengthened. The market recorded a 96% occupancy rate in the second quarter of 2026, its highest level since the first quarter of 2025. The improvement was driven by positive net absorption and a slowdown in new supply deliveries.

The market had experienced a softer period through 2025 and into early 2026. Occupancy stood at approximately 95.4% in the first quarter of 2026 following a period of elevated deliveries, before rebounding in the second quarter. Average rent per unit rose approximately 1.3% quarter-over-quarter in Q2 2026 to around $2,350 per unit. The Turtle Creek sale closed as those fundamentals were re-tightening, supporting the pricing on a newer, stabilized asset.

About the Parties

CBRE is a commercial real estate services and investment firm. Eric Chen serves as executive vice president at CBRE. Ryan Wilkinson is part of CBRE's Debt & Structured Finance group. The seller, Turtle Creek Residential LLC, and the buyer, SC El Camino LLC, are the respective ownership entities in the transaction.

Sources: CBRE Press Release