IE Business Daily Business news for the Inland Empire.
A 24-unit multifamily property in Loma Linda has been sold.
The University Palms, which occupies one acre at 25356 Cole St. sold for $6.3 million, according to a statement released by CBRE.
CBRE represented the buyer and seller in the transaction. Details about either party were not released.
Built in 1968, the complex consists exclusively of two-bedroom, one-bathroom units. It’s within walking distance of Loma Linda University and less than one mile from Interstate 10.
“The property had been marketed for six months before we took over the listing and developed a targeted marketing strategy for the asset,” said Cray Carlson, senior vice president with CBRE, in the statement. “We were able to obtain a market-high sales price while also providing the buyer with a perfect property in a great area of Loma Linda.”
The property underwent major interior and exterior renovations in 2005, according to the statement.
