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MULTIFAMILY NEWS
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Newly Constructed San Bernardino Res Project Sells for Over $300k/Unit

4/28/23

Loma Villas, a newly constructed 70-unit multifamily community in San Bernardino, sold for $21.5 mil, or $307k/unit. The buyer was a SoCal-based private investor.

Located at 415 E. Commercial Rd. in the Inland Empire’s second largest city, Loma Villas offers a mix of studio, one-, and two-bedroom floor plans ranging from 525 sf to 822 sf —each with modern finishes and private enclosed patios or balconies. The two-story, amenity-rich development features a pool and spa, gym, bark park, and a grilling/picnic area.

Loma Villas is less than two miles from the interchange of U.S. Interstates 10 and 215, which connects residents to the retail, dining, entertainment, and employment centers throughout the city and the Inland Empire. The new $1.5 bil Loma Linda University Medical Center and Children’s Hospital and San Bernardino International Airport are also only five minutes away.

Alex Mogharebi, Otto Ozen, and Bryan LaBar with The Mogharebi Group represented the seller, a regional owner/developer, in the sale transaction. According to LaBar, the sale closed at 97% of list.

“We demonstrated the project’s attractive pro forma rent numbers and highlighted that buyers could take advantage of the prearranged below-market rate loan package, which generated numerous qualified offers early on while still in the construction process,” said Ozen.





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