Los Angeles – Oct. 11, 2021 – CBRE announced the sale of 197-unit apartment property in California’s Inland Empire to Tailwind Investment Group, an Orange County-based real estate investment firm, for $53.6 million.
CBRE’s Dean Zander and Stewart Weston represented the sellers, Dalan Management and VM Management, in the transaction.
The Vue, located at 1660 W. Kendall Drive in San Bernardino, was built in 1988 and is situated on 11.94 acres in proximity to California State University, San Bernardino. The property features a variety of amenities, including two swimming pools, business center, sand volleyball court, half-court basketball court, and barbecue areas. Apartments are equipped with in-unit washer-dryers and central A/C. The Vue is located near the 210, 215 and 15 freeways, allowing residents immediate access to Los Angeles County, the greater Inland Empire region, and a variety of nearby entertainment centers. Residents are within walking distance to amenities, including Campus Crossroads Shopping Center and The Shops at University Park.
“With minimal new apartment supply coupled with an abundance of jobs in the warehousing, manufacturing, distribution and logistics centers nearby, investors are demonstrating a strong and growing preference for well-located Inland Empire apartment buildings,” said Zander. “Tailwind plans to perform unit interior and common area upgrades to better-position The Vue in this highly desirable submarket.”
Added Weston, “The Vue has benefited from the phenomenal rent growth over the last couple of years, which is consistent with overall rent growth in The Inland Empire, which has increased 22 percent since the fourth quarter of 2019.”
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. Please visit our website at www.cbre.com.