Los Angeles - CBRE announced the sale of a 67-unit apartment property in San Bernardino, Calif. to a private investor for $7.73 million.
CBRE’s Eric Chen represented the Inland Empire-based buyer in the transaction. CBRE’s Debt & Structured Finance Ryan Wilkinson facilitated a $5.41 million loan on behalf of the new owner with the Freddie Mac SBL program.
Mountain View Apartments, located at 1475 E Date Street, is a well-maintained, two-story property built in 1985 and situated on a landscaped 2.35-acre lot. The building 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 features one- and two-bedroom units with an average size of 787 square feet. Select apartments have been upgraded with hardwood flooring throughout.
“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.”
He added, “The team received six offers within the first two months of marketing, illustrating the confidence that investors continue to have in value-add opportunities in the Inland Empire markets.”
The new owner is planning on upgrading the common area and unit interiors over the coming three years.
“Understanding the buyer’s business plan, we were able to align the prepayment rules with the buyer’s objectives, while allowing for an interest-only payment during the renovation period to reduce the overall cost of capital,” said Wilkinson. “This is one of the great features the Freddie Mac SBL program offers to value-add investors.”
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 billion, according to CBRE Research.
CBRE’s Eric Chen also represented the seller, J.K. Properties, Inc., a privately owned, long-term holder as well as operator of multifamily apartments in Southern California.
CBRE’s Eric Chen represented the Inland Empire-based buyer in the transaction. CBRE’s Debt & Structured Finance Ryan Wilkinson facilitated a $5.41 million loan on behalf of the new owner with the Freddie Mac SBL program.
Mountain View Apartments, located at 1475 E Date Street, is a well-maintained, two-story property built in 1985 and situated on a landscaped 2.35-acre lot. The building 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 features one- and two-bedroom units with an average size of 787 square feet. Select apartments have been upgraded with hardwood flooring throughout.
“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.”
He added, “The team received six offers within the first two months of marketing, illustrating the confidence that investors continue to have in value-add opportunities in the Inland Empire markets.”
The new owner is planning on upgrading the common area and unit interiors over the coming three years.
“Understanding the buyer’s business plan, we were able to align the prepayment rules with the buyer’s objectives, while allowing for an interest-only payment during the renovation period to reduce the overall cost of capital,” said Wilkinson. “This is one of the great features the Freddie Mac SBL program offers to value-add investors.”
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 billion, according to CBRE Research.
CBRE’s Eric Chen also represented the seller, J.K. Properties, Inc., a privately owned, long-term holder as well as operator of multifamily apartments in Southern California.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
