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9/07/17
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Crystal Asset Management Inc recently paid $24.25 mil for Ridgeline Apartment Homes, a 160-unit ($151.6k/unit) res community in San Bernardino.
The property is located at 1925 W. College Ave, north of the 210 Fwy and just east of I-215. It is situated convenient to California State University, San Bernardino, numerous job and retail centers, Glen Helen Amphitheatre, and San Bernardino National Forest.
Ridgeline features one- and two-bedroom floorplans with modern kitchens, in-unit washer and dryers, walk-in closets in every bedroom, vaulted ceilings and private balconies or patios with storage space. Community amenities include a swimming pool with cabanas, a new fitness center with weight stations and a yoga room, park-like landscapes and a fire-side retreat.
Shane Shafer with Berkadia represented the seller, Arrimus Capital, out of Newport Beach. The buyer is located in Beverly Hills.
“Ridgeline is a great example of a quality value-add property in the Inland Empire,” said Shafer. “We are seeing continued interest from investors for submarkets that offer great market fundamentals and opportunities that offer great returns.”
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