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.
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 Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
