A 79-unit apartment complex in San Bernardino has been sold for $18 million.
Multiple offers were made on the 35-year-old project at 160 E. Parkdale Drive, according to The Mogharebi Group, the brokerage firm that negotiated the transaction.
Buyer and seller were both private investments groups in Los Angeles whose names were not released.
The two-story project, which has approximately 71,000 square feet of rentable space, attracted multiple offers in part because it’s near some of San Bernardino’s largest employers. The purchase price breaks down to about $228,000 per unit.
“The property represented a great value, with a strong upside that required the right buyer to maximize its full potential,” said Otto Ozen, Mogharebi’s executive vice president, in the statement.
Mogharebi is a brokerage firm that specializes in multifamily properties throughout California. It maintains four offices in the state, including one in Ontario.