Los Angeles – CBRE announced the sale of Villa Real Apartments, a 43-unit multifamily property in San Bernardino, Calif. for $4.59 million.
Cray Carlson and Trey Mitchell of CBRE represented the buyer, a local investor in the area. A Los Angeles broker represented the seller.
Located at 4190 Sepulveda Avenue, the 43-unit property features all one-bedroom, one-bathroom units. The property sits in proximity to a number of shopping centers and schools.
“The buyer owns several buildings in the area and saw a great opportunity to add another quality asset,” said Mitchell. “The building is in a great location north of the 210 Freeway.”
Added Carlson, “The apartments need minimal repairs but show upside potential as rents are very low for the area. All in all, the buyer and seller were both extremely happy with the sale.”
The Inland Empire multifamily market has remained healthy this year, and San Bernardino is an area that has benefited from the continued strong performance. San Bernardino has outperformed the general region’s rent growth performance with a low vacancy rate of 2.6 percent.
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 2020 revenue). The company has more than 100,000 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.
