Kidder Mathews Arranges $21.8M Sale of 113-Unit Multifamily Portfolio in Riverside, California

Kidder Mathews has arranged the $21.8 million sale of two adjacent workforce housing properties totaling 113 units in Riverside, California, the firm announced Sept. 23. The portfolio, comprising University Gardens and Normandy Apartments, traded at approximately $192,920 per unit and $244 per square foot.

Portfolio Overview: University Gardens and Normandy Apartments

The transaction included University Gardens, a 25-unit garden-style property at 1480 Seventh Street built in 1977, and Normandy Apartments, an 88-unit complex at 3681–3725 Cranford Avenue comprising two side-by-side, 44-unit buildings built around 1964. Both properties feature swimming pools and were under common ownership prior to the sale.

University Gardens encompasses approximately 22,798 rentable square feet, while Normandy Apartments spans approximately 67,202 square feet, bringing the combined portfolio to roughly 90,000 square feet. The gated, garden-style communities consist of two- and three-story walk-up apartment buildings and are located within an Opportunity Zone in Riverside.

Available marketing information indicates that University Gardens includes studio, one-bedroom and two-bedroom units, while Normandy offers a mix of one-, two- and three-bedroom units. Marketing materials also reference recent interior and exterior renovations at both properties.

Jon Mitchell Led Competitive Marketing Process

Jon Mitchell, a senior vice president based at Kidder Mathews' Orange County office, represented the seller and generated multiple offers through a competitive marketing process. The sale closed in approximately 60 days.

"The combination of strong pricing, multiple offers, and an expedited 60-day closing reflects the continued demand for multifamily investments in the Inland Empire," Mitchell said. "The transaction comes at an important time, as sellers navigate elevated interest rates while buyers continue to seek opportunities that provide positive leverage."

Seller's Capital-Redeployment Strategy

The seller elected to divest the properties as part of a broader strategy to redeploy capital, citing what it described as an increasingly challenging business and regulatory environment in Southern California.

Elevated interest rates have pressured refinancing costs and valuations across the multifamily sector, making current cash flow and operational upside more central to buyer underwriting. The marketing materials' references to recent renovations and rental upside suggest the portfolio was positioned as an asset with both existing income and potential for operational improvement.

Inland Empire Multifamily Market Context

The transaction underscores continued investor interest in workforce housing assets across the Inland Empire, a major Southern California rental market supported by a large employment base, a significant logistics and industrial concentration, and proximity to the Los Angeles and Orange County economies. Workforce housing can attract a broader buyer pool than luxury-oriented assets because demand is tied to households seeking relatively attainable rents.

The portfolio's Opportunity Zone designation may also support investor interest from buyers evaluating tax-advantaged investment structures. At 113 units across two adjacent properties, the portfolio offers operating scale while remaining below the threshold of large institutional apartment transactions.

Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with more than 900 professionals in 20 offices across Washington, Oregon, California, Nevada, Arizona and Texas. The firm averages $9 billion in annual transaction volume, manages 55 million square feet of space, and completes nearly 2,700 appraisal, consulting and cost-segregation assignments each year.

Sources

Kidder Mathews — Kidder Mathews Arranges $21.8M Sale of Two Apartment Properties in Riverside, CA (Sept. 23, 2026)