Tuesday , October 26 2021

Multifamily project sells for $53.6 million

A 197-unit apartment complex in San Bernardino has been sold for $53.6 million.

The Vue, at 1660 W. Kendall Drive, was purchased recently by Tailwind Investment Group in Newport Beach, according to a statement released Monday by CBRE.

The sellers were Dalan Management, a real estate investment and management firm in New York, and VM Management.

Built-in 1988, The Vue covers nearly 12 acres near Cal State San Bernardino. It’s near the 15, 210, and 215 freeways and is within walking distance of Campus Crossroad Shopping Center and The Shops at University Park.

The complex has multiple amenities, including two swimming pools, a business center, a sand volleyball court, a half-court basketball facility, and barbecues.

CBRE represented the sellers in the transaction.

Apartment rents have increased an average of 22 percent in Riverside and San Bernardino counties since the end of 2019, according to CBRE.

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