The City of Canyon Lake has announced the acquisition of a commercial building located at 31600 Railroad Canyon Rd., in the Canyon Lake Towne Center.
The purchase, completed on April 30, was recorded in the Rental Enterprise Fund as an investment.
The city financed $1,413,364 through a loan from Citizens Bank, supplemented by a $39,000 advance from the General Fund, bringing the total investment to $1,452,364.
The property was acquired from former Riverside County Supervisor Kevin Jeffries, who had owned the building since February 2014. The approximately 5,000 square-foot building consists of 17 small rental units and a common area.
