CBRE ANNOUNCES SALES OF TWO MULTIFAMILY PROPERTIES IN SAN BERNARDINO, CA TO CANADA-BASED INVESTOR FOR TOTAL OF $8 MILLION

23 Jan 2018

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CBRE announced the sales of two multifamily properties in San Bernardino, CA to a Canada-based investor for a total of $8 million.

CBRE’s Cray Carlson represented the buyer, Vista Group, Inc, a condominium rental agency out of Calgary, in both transactions.

“Our buyer spent several years investing throughout San Diego,” said Carlson. “He recently decided to sell a few of his properties and move his equity to the Inland Empire, taking advantage of the opportunity for growth here.”

The first property, located at 1340 North F Street, features six studios, 25 one-bedroom units, and eight two-bedroom apartments. Sitting on a one-acre lot, the complex is not rent controlled, and it is within walking distance to several dining and retail amenities. Located at 3943 North H Street, the second building contains 45-units and presents a triple-net investment opportunity as it has been 100% leased by the San Bernardino Authority until 2025 with the option of four five-year renewal extensions remaining.

Carlson added, “The property was sold at a 7.4% cap rate, which is very hard to find in today’s market. This building is a completely hands-off investment and will yield an impressive return for our buyer.”

The seller of 1340 North F Street, a private Family Trust, and the unidentified private seller of 3940 North H Street were both represented by Carlson.

Apartment vacancies in the Inland Empire are expected to remain stable with a probable temporary rise in early 2018 due to new supply. Rents are likely to continue to increase at a moderate pace, driven by rising demand fueled by the region’s economic growth, according to CBRE research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.