Los Angeles –– CBRE announced the sale of a 44-unit apartment property in San Bernardino, Calif. to a local buyer for $7 million.
CBRE’s Cray Carlson represented the seller, a private local investor.
The Arrowhead Apartments, located at 3943 N H St., feature all 1-bedroom 1-bathroom units. The complex is located north of the 210 Freeway and in proximity to California State University, San Bernardino. Built in 1973, it underwent an extensive renovation in 2014 and early 2015, including exterior paint, new carports, and interior unit features.
The apartments were on a master lease with the County of San Bernardino under the Housing Choice Voucher Program, also known as Section 8, which is the government’s initiative for assisting low-income families, the disabled, and the elderly.
“The County opted out of the contract, and the buyer purchased the property with 100 percent Section 8 tenants,” said Carlson. “There is a huge need for affordable apartments in San Bernardino, and the buyer plans on keeping it low-income housing.”
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 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.