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ReNew Riverside

Riverside, CA

128 Units

Built in 1989

Value Add

Investment Highlights

  • Hottest rental market in U.S. with 8% YOY rent increases and 1.8% vacancies. Projected annual average increase of 4.3% over the next 5 years.
  • 23 2nd quarter lease expirations. Renewals achieving AB-1482 max rent increases and new tenant leases averaging over 20% increases.
  • -20% loss-to-lease due to rapidly rising rents.
  • Limited new construction despite total lack of multifamily units supply.
  • 61% of units have been renovated. $350-$550 monthly rent premiums currently being achieved upon interior unit renovations.
  • Preferred unit mix with 100% 2-bedroom units.
  • Located within 10-15 minutes of of all major local employers in the City of Riverside
  • Proximity to the 91, 15, 60, and 215 freeways allowing for easy access to approximately 1.9 million Inland Empire jobs within a 30-minute drive

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