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8/12/19
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Mountain View Apartments, a 67-unit apartment property in San Bernardino, was purchased by a private investor for $7.73 mil ($115.4k/unit). Built in 1985, the property sits on 2.35 acres at 1475 E Date St.
Mountain View Apartments features 24-hour secured access with remote control, gated parking, gated pool, and an on-site laundry facility, leasing management office and maintenance. The property consists of one- and two-bedroom units with an average size of 787 sf. Select apartments have been upgraded with hardwood flooring throughout.
The new owner is planning on upgrading the common area and unit interiors over the coming three years.
CBRE’s Eric Chen represented the Inland Empire-based buyer and the seller, J.K. Properties Inc, in the transaction. Ryan Wilkinson with CBRE’s Debt & Structured Finance team facilitated a $5.41 mil loan through the Freddie Mac SBL program.
“This was a great opportunity for the buyer to acquire a relatively large apartment property in the Inland Empire,” said Chen. “Many assets in the area are older and smaller. This well-maintained complex is in an area that continues to see a lot of demand for rental housing and significant rent growth.”
The Inland Empire multifamily market remained healthy in the first quarter, with a favorable vacancy rate and strong rent growth. Demand in the Inland Empire exceeded new supply with 1,445 units absorbed over the same time period. Coming off the heels of the second strongest year of multifamily acquisitions on record, Q1 investments in Inland Empire multifamily totaled $339.3 bil, according to CBRE Research.
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