CBRE Arranges $10.95 Million Sale of 67-Unit Mountain View Apartments in San Bernardino, California

CBRE facilitated the $10.95 million sale of Mountain View Apartments, a 67-unit multifamily community located at 1475 East Date Street in San Bernardino, California. CBRE represented both the buyer and seller in the transaction.

The seller was Mountain View Apts LLC, and the buyers were Amusement Industry, Inc. and Westland Properties Thirteen LLC. The transaction was arranged by Eric Chen. The asset sold all cash at a 6.43% current capitalization rate. The transaction equated to $163,433 per unit and $208 per square foot.

"Mountain View Apartments presented investors with the opportunity to acquire a well-maintained multifamily asset in one of the Inland Empire's most established rental markets," said Chen, Executive Vice President at CBRE. "The property's strong in-place operations, attractive unit mix and potential for future rental growth generated significant interest from qualified buyers."

Situated on 104,544 square feet of land, Mountain View Apartments consists of nine residential buildings. Built in 1985, the property features a mix of one- and two-bedroom units, with an average unit size of 776 square feet.

The gated community offers a range of amenities, including a swimming pool, landscaped grounds, on-site laundry facilities and dedicated on-site management. Apartment interiors feature central air conditioning and heating, dishwashers, walk-in closets and, in select units, vaulted ceilings and private balconies or patios.

The community's location provides convenient access to State Route 210, Interstate 215 and Interstate 10 and is within close proximity to California State University, San Bernardino, Dignity Health-St. Bernardine Medical Center and the San Bernardino Metrolink Station.