CBRE's Blake Torgerson, Eric Chen Broker $12.35 Million Sale of The Kimberly Apartments in Redlands, California
CBRE has brokered the $12.35 million sale of The Kimberly Apartments, a 54-unit multifamily community at 475 East Cypress Avenue in Redlands, California, the firm announced Sept. 8. CBRE's Blake Torgerson and Eric Chen represented the buyer, US Business & Investment Group II LLC, while Berkadia's Adrienne Barr represented the seller, Patrick Roldan, Trustee of the Survivor's Trust created under the Stanley A. Sirott Trust dated June 25, 1992.
The transaction priced at $228,704 per unit and $144 per square foot, reflecting a 5.71% in-place capitalization rate. The property carried a projected 7.84% capitalization rate at market rents, indicating rental upside that underpinned the buyer's value-add investment thesis.
Property Details: Scale, Vintage and Amenities
Built in 1964, The Kimberly Apartments spans approximately 86,040 square feet on more than 2.5 acres. The community offers one-, two- and three-bedroom floor plans with an average unit size of nearly 1,500 square feet — a configuration that positions the asset as a larger-unit, lower-density product relative to newer multifamily construction in the Inland Empire. The unit mix includes six one-bedroom/one-bathroom units, 42 two-bedroom/two-bathroom units and six three-bedroom/two-bathroom units.
Community amenities include a pool, fitness center, spa, laundry facilities and ample parking. The property sits directly across from Albertsons, Chase Bank and Panera Bread, and benefits from proximity to Downtown Redlands, the University of Redlands, Redlands High School and Interstate 10.
Deal Rationale and Value-Add Opportunity
"Multifamily properties with strong in-place cash flow and opportunities to enhance value continue to generate interest among private investors," said Eric Chen, Executive Vice President at CBRE. "The Kimberly Apartments offered an attractive combination of scale, location and rental upside, enabling our client to acquire a well-positioned asset in one of the Inland Empire's most desirable multifamily submarkets."
The spread between the 5.71% going-in cap rate and the 7.84% pro forma cap rate at market rents signals room for rent growth and operational improvement under new ownership. Two-bedroom units at the property have been listed at approximately $2,350 per month for units around 1,606 square feet, consistent with current South Redlands market rents for large, older-vintage units.
Inland Empire Multifamily Market Context
The transaction reflects continued investor appetite for well-located multifamily assets in the Inland Empire, a submarket characterized by constrained housing supply and sustained demand. Inland Empire multifamily occupancy reached 96.0% in the second quarter of 2026, up 50 basis points quarter-over-quarter and the highest level since the first quarter of 2025. Average asking rents in the submarket stood at approximately $2,350 per month in Q2 2026, representing roughly 1.3% quarter-over-quarter growth.
The Kimberly Apartments' 5.71% in-place cap rate falls slightly below the Inland Empire multifamily market average of approximately 6.0% recorded in Q2 2026, a differential consistent with the property's location, large average unit sizes and institutional marketing process. CBRE Research notes that the Inland Empire multifamily market continues to benefit from Southern California's long-term housing demand drivers, including population density, limited housing availability and proximity to major employment centers and transportation infrastructure.
Transaction Summary
The Kimberly Apartments sale adds to a pattern of private investor activity targeting stabilized, value-add multifamily assets in supply-constrained Inland Empire submarkets. CBRE's Blake Torgerson and Eric Chen led the buyer-side advisory, while Berkadia's Adrienne Barr represented the Stanley A. Sirott Trust on the sell side. US Business & Investment Group II LLC, the acquiring entity, now holds a 54-unit community with a clear path to rental income growth.
Sources
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