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October 4, 2023
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MULTIFAMILY NEWS
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San Bernardino Apartment Portfolio Sells for $152k/Unit

5/12/23

A three-property, 79-unit multifamily portfolio in San Bernardino traded for $12.047 mil, or $152.5k/unit.

The portfolio is located within the South Pointe neighborhood near downtown Loma Linda and is proximate to several universities including Loma Linda University Medical Center, California State University San Bernardino, California Baptist University, San Bernardino Valley College, University of California Riverside and the University of Redlands. The properties offer a mix of one- and two-bedroom floorplans and provide convenient access to Interstates 10, 215, 210 and State Route 91.

The properties include:

• Lotus, a 19-unit property located at 535 Wier Rd
• Steel Park Manor, a 32-unit property located at 505 Wier Rd
• Wier Park, a 28-unit property located at 2605-2619 Flint Way

CBRE’s Eric Chen represented both the buyer, 79 Lotus Apts LLC, and the seller in the transaction.

“This property had many challenges our team needed to overcome, with 21% vacancy and having to identify the right lender to close the transaction,” said Chen. “However, this transaction signals the continued appetite from the private capital space for multifamily investments in the Inland Empire for value-add opportunities.”





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