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10/10/19
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A 55-unit apartment property in San Bernardino sold for $6.1 mil, or $110.9k/unit. The 49.6k sf property is located at 1275 E Date St.
The property features large floor plans with an average unit size of 902 sf and a mix of two- and three-bedroom apartments. The property boasts some of the largest floor plans compared with other apartments in the area, providing opportunity for the new owner to capture additional upside through renovations. The gated community also offers 88 parking spaces.
Eric Chen with CBRE represented the buyer, WR Villas LLC, a local investment group based in the Inland Empire and the seller, GB Commercial Investment, LLC, a local family office based in the San Gabriel Valley.
CBRE Debt & Structured Finance’s Ryan Wilkinson with CBRE Debt & Structured Finance arranged the Freddie Mac financing for the buyer. The program was five years fixed with two years interest-only.
“This area has seen tremendous growth, including a new neighborhood shopping center developed by the Lewis Retail Group off the 210 freeway, just few miles west of this property,” said Chen. “New industrial developments are also in the process of being built near the airport of San Bernardino. All this has made this property a fantastic opportunity for the buyer, going into a community that is in high demand and well situated while the seller seized the moment to 1031 exchange into a triple-net asset that doesn’t have any management requirements.”
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