IE Business Daily Business news for the Inland Empire.
A senior community in San Bernardino has been sold for $7.2 million.
The Mogharebi Group, a brokerage firm that specializes in multifamily properties in California, negotiated the sale of the Bernardine Senior Independent Living, a four-story, 71-unit complex, according to a statement.
The buyer was an investment group in the San Gabriel Valley whose name was not released. The seller, represented by Mogharebi, was a Los Angeles-based investment group that also wished to remain anonymous.
Built in 1984, the project at 363 E. Gilbert St. sits on one acre and has 36,200 square feet of rentable space. It has one-bedroom units, a recreation room, elevator access, commercial kitchen, nursing station and a laundry room.
“Due to the low price per unit and high-quality construction, the buyer pool was large,” said Bryan LaBar, Moghareb’s vice president, in the statement. “The property represented a great value with solid upside that required a special buyer to realize its full potential.”
Mogharebi has offices in Ontario, Costa Mesa, Bakersfield and Fresno.
