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February 15, 2019
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Canadian Investor Spends $8 Mil on Two Inland Empire Multifamily Properties


Two multifamily properties containing a combined 84 units in San Bernardino were purchased by a Canadian-based investor for a total of $8 mil.

One of the properties, located at 1340 North F St, features six studios, 25 one-bedroom units, and eight two-bedroom apartments. Sitting on a one-acre lot, the complex is not rent controlled, and it is within walking distance to several dining and retail amenities.

Located at 3943 North H Street, the other property contains 45 units and presents a NNN investment opportunity, as it has been 100% leased by the San Bernardino Housing Authority until 2025 with the option of four five-year renewal extensions remaining.

CBREís Cray Carlson represented the buyer, Vista Group Inc, a condominium rental agency out of Calgary, in both transactions. The seller of 1340 North F Street, a private family trust, and the unidentified private seller of 3940 North H Street were also both repped by Carlson.

Apartment vacancies in the Inland Empire are expected to remain stable with a probable temporary rise in early 2018 due to new supply. Rents are likely to continue to increase at a moderate pace, driven by rising demand fueled by the regionís economic growth, according to CBRE research.

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