Los Angeles –– CBRE announced the sale of Mountain and Mountain View Apartments, an 80-unit apartment complex consisting of two individual buildings in San Bernardino, Calif., to a private Los Angeles-based investor for $13.3 million in cash.
CBRE’s Cray Carlson represented the buyer in the transaction.
Located at 2991 & 2995 Mountain Avenue, The Mountain Apartments features 40 one-bedroom, one-bath and 40 two-bedroom, one-bath apartments. The gated community is in proximity to San Bernardino Valley College, Loma Linda, and Ontario International Airport.
CBRE’s Carlson also represented the two different sellers.
“Despite two different sellers, we were able to find an all-cash buyer for both properties and close escrow in one single transaction in under a month,” said Carlson. “The buyer is rehabbing the units and working closely with the city and tenants to change the feel of the property and surrounding area.”
The Inland Empire multifamily market continues to be one of the most prominent emerging markets in Southern California with its strong rent growth and a record-low vacancy rate, according to CBRE research. Carlson has been working in the market for over 32 years. He and his team, including Nick Mercurio, Tyler Provines, and Paige Reiber, have closed 50 building sales in the City of San Bernardino alone, including more than 200 units in the past six months.