Lee & Associates-LA North/Ventura Transacts 80-Unit Multifamily Sale for $10,250,000

Off-market transaction in San Bernardino, CA attracts multiple offers

 

SAN BERNARDINO, CA – Nov. 10, 2016 – An 80-unit apartment property in San Bernardino, a city in California’s Inland Empire, has sold to a private investor for $10,250,000 in an off-market transaction.

Ryan O’Connor, an associate with Lee & Associates-LA North/Ventura, represented the private seller, SB Hillside Properties, LLC. Warren Berzack, a principal who heads Berzack Investment Property Advisors, a multifamily specialty group of Lee, and Slavic Zlatkin, a Lee associate, represented the buyer, also a private investor.

“The property generated multiple offers,” O’Connor said. “It is located in a pocket of San Bernardino where occupancy and rental rates surpass many other neighborhoods of the city, and it had been very well maintained with nearly full occupancy.”

Located just under a mile from Cal State San Bernardino, Hillside Apartments at 2156-2196 Kendall Drive consists of 80 units with a mix of 32 one-bedroom/one bath apartments and 48 two-bedroom/two bath units.

“Our buyer liked the fact that it is a newer property built in 1986 with a good unit mix, some rental upside, and, at 5 percent, the cap rate made it very attractive,” Berzack said.