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1/16/20
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Villa Real Apartments, a 43-unit multifamily property in San Bernardino, sold for $4.59 mil, or $106.7k/unit. Located at 4190 Sepulveda Ave, the property features all one-bedroom/one-bathroom units. The property sits in proximity to a number of shopping centers and schools.
Cray Carlson and Trey Mitchell of CBRE represented the buyer, a local investor in the area. A Los Angeles broker represented the seller.
“The buyer owns several buildings in the area and saw a great opportunity to add another quality asset,” said Mitchell. “The building is in a great location north of the 210 Freeway.”
Added Carlson, “The apartments need minimal repairs but show upside potential as rents are very low for the area. All in all, the buyer and seller were both extremely happy with the sale.”
The Inland Empire multifamily market has remained healthy this year, and San Bernardino is an area that has benefited from the continued strong performance. San Bernardino has outperformed the general region’s rent growth performance with a low vacancy rate of 2.6%.
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