Lun Wang Acquires Sago Palms Apartments From Scott Rich In Riverside For $15M

The Sago Palms Apartments in Riverside were sold for $15 million, with Lun Wang acquiring the property from Scott Rich. The multifamily asset, located at 3626 Jackson St., consists of a 56-unit complex spread across three two-story buildings on a 1.57-acre site, built in 1967. Each unit offers a mix of one- and two-bedroom floorplans, with monthly rental rates ranging from $1,700 to $2,000. The amenities include laundry facilities, a pool, and a gated courtyard, conveniently situated near retail, dining, and transportation options.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $15,000,000
• Units: 56
• Price Per Unit: $267,857
• Acres: 1.57
• Market: Riverside

Lun Wang's entity purchased the Sago Palms Apartments from Scott Rich's entity in a transaction that marked a shift from the Inland Empire's industrial market focus. Lun Wang, represented by Lun Wang's REP, made the acquisition, showcasing interest in multifamily properties. On the other hand, Scott Rich, represented by Scott Rich's REP, sold the property, indicating a strategic move within the real estate market.