IE Business Daily Business news for the Inland Empire.
Hillside Village, an 80-unit apartment project in San Bernardino has sold for $16.5 million.
Tower 16 Capital Partners, a commercial real estate brokerage investment and management company in Encinitas, announced the sale earlier this week.
Information about the buyer was not disclosed.
“We made major improvements to the Hillside Village project during our ownership,” said Tower 16 co-founder Tyler Pruett in a statement “That allowed us to achieve our business plan relatively quickly.”
Hillside Village is located at 2196 Kendall Drive, within one mile of Cal State San Bernardino. The median income in its submarket is about $57,000. The complex has one- and two-bedroom apartments with covered parking, balconies or patios, a pool, spa, clubhouse and a laundry room.
Tower 16 invests in and manages commercial properties. It bought Hillside Village in an off-market purchase in January 2019, according to the statement.
