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December 15, 2017
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INLAND EMPIRE NEWS
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Investor Exchanges into $8.2 Mil Inland Empire Multifamily Property

9/13/17

A 1031 exchange investor paid $8.2 mil for an Inland Empire multifamily asset. The 88-unit ($93.2k/unit) property, called Pine Gardens Apartments, is located at located at 1775 East 20th St, east of I-215 and south of the 210 Fwy in San Bernardino.

The property consists of 44 one-bedroom/one-bath units of about 650 sf and 44 two-bedroom/one-bath units of roughly 800 sf in size. Built in 1961, this fully gated community offers tenants four on-site laundry facilities, a pool, a recently renovated clubhouse with a full kitchen and meticulously maintained grounds with numerous fruit trees. The property was 100% occupied at the time of sale.

CBREs Cray Carlson represented the seller, a private investor who had owned the asset for almost 30 years. The deal closed at a 3.1% cap rate. The acquisition was financed with a $5.7 mil loan through Luther Burbank Savings, which was originated by Warren Ramsey.

According to Carlson, an experienced investor won the bidding war with an offer that contained a 14-day physical inspection period and no loan contingency. After closing, the seller exchanged into a 44-unit coastal condo community.

Continued strong demand for apartments in the Greater Los Angeles area helped buoy effective lease rates to $1,630/mo during the first quarter from $1,298/mo in Q1 2012, according to CBRE research. The number of new apartments expected to come online in the area this year is expected to top the previous record reached in 2016, driven by continued strong demand for rental space.






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