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5/07/21
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Hillside Village Apartments, an 80-unit multifamily project in San Bernardino, sold for $16.5 mil, or $206.3k/unit. The property was sold by Tower 16 Capital Partners, who purchased the asset in January 2019 for $11 mil in an off-market transaction.
Hillside Village is located at 2196 Kendall Dr, within one mile of California State University, San Bernardino, a strong submarket with median incomes over $57,000. The apartment complex is near parks, shopping centers, freeways, Loma Linda and Victoria Gardens.
Hillside Village features one- and two-bedroom apartments with covered parking and private balconies or patios, a pool, spa, clubhouse and laundry facilities.
Ed Rosen, John Chu and Tyler Sinks of Berkadia San Diego represented Tower 16, who made significant upgrades to the property during its ownership.
Despite the pandemic, demand for apartments in the Inland Empire soared to a level not seen in 18 years by the end of 2020, with vacancy rates of 2.4%. The average monthly rent in the region is $1,686 per month, an 8.3% increase over the year before, and rents exceeded $1,700 in several western San Bernardino County cities.
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