CBRE Facilitates $12.1 Million Sale of Sunrise Vista Apartments in Barstow, Calif

CBRE announced the sale of Sunrise Vista Apartments, a 156-unit multifamily community located at 755 East Virginia Way in Barstow, California, for $12.1 million.

CBRE's Cray A. Carlson and Brian Hutcherson represented the seller, the Housing Authority of the County of San Bernardino (HACSB), in the transaction. Carlson also represented the buyer, Sunrise Vista LP.

"The acquisition of Sunrise Vista Apartments reflects continued investment in the Barstow market and provides well-located housing that benefits residents while supporting the area's ongoing expansion," said Carlson, senior vice president at CBRE. "The property's mix of market-rate and affordable housing units creates an opportunity to preserve much-needed housing while serving the needs of the local community."

The HACSB decided to sell its property to purchase other properties in San Bernardino County that have a great need for a low-income housing project.

"The HACSB provides over 500 units of affordable housing in Barstow," said Rishad Mitha, deputy director for the Housing Authority of the County of San Bernardino. "The proceeds from the sale of this property will be used to provide housing in other cities of the county where the Housing Authority is less represented while still maintaining over 300 units of affordable housing in Barstow."

Built in 1986, Sunrise Vista Apartments consists of 156 units, including 16 one-bedroom, one-bathroom units, 68 two-bedroom, one-bathroom units and 72 two-bedroom, two-bathroom units. Unit sizes range from approximately 780 to 988 square feet.

Hutcherson, a member of CBRE's Public Institutions and Education Solutions (PIES), whose experience in helping agencies to navigate the regulatory requirements of a government surplus disposition was crucial to achieving a competitive outcome for the HACSB.

"The Surplus Land Act transactions require specific discipline. You are balancing the public agency's obligation to follow a structured statutory process with the goal of finding the right buyer. I am proud of the outcome we achieved for HACSB and the community. Sunrise Vista represented a real opportunity to put a surplus asset back into productive use; getting there required close coordination with the Authority and a thorough understanding of what qualified buyers needed to see in order to move forward with confidence," said Hutcherson.

The property includes a mix of 39 market-rate units and 117 affordable housing units subject to several housing programs, including the HOME Investment Partnerships Program, Neighborhood Stabilization Program (NSP) and Project-Based Vouchers (PBV). The community is located near schools, shopping, dining and entertainment and offers convenient access to Interstate 15.

The sale marks the third transaction Carlson has completed with the Housing Authority of the County of San Bernardino and emphasizes continued strong investment in affordable housing communities throughout the Inland Empire.