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12/11/17
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Infinitus Investments Groups LLC purchased a 62-unit multifamily property in San Bernardino for $4.8 mil, or $77.4k/unit. The property, located at 1420 East Pumalo St, was sold by Pumalo Properties L.P.
The complex offers a mix of one- and two-bedroom apartments, ranging from 850 sf to 920 sf in size. The site features a community pool and spa, a laundry room, fully gated access and ample parking. The property is in proximity to schools and large retail centers.
CBRE’s Cray Carlson and Nick Mercurio represented the buyer in the deal. Paul Calvo of the Calvo Group repped the seller.
“This transaction was an off-market property we found for our client in a very tight market with little inventory,” said Carlson. “Because the loan had to be assumed from the seller, the transaction was a bit complicated.”
Apartment vacancies in the Greater Los Angeles region are expected to remain stable throughout 2017 with a probable temporary rise due to new supply opening in 2018. Rents are likely to continue to increase at a moderate pace, according to the latest CBRE research.
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