Apartment Complex in San Bernardino sells for $7 million

CBRE recently announced the sale of a 44-unit apartment complex in San Bernardino to a local buyer for $7 million.

The Arrowhead Apartments, located at 3943 N H St., feature all 1-bedroom 1-bathroom units. The complex is located north of the 210 Freeway and in proximity to California State University, San Bernardino. Built in 1973, it underwent an extensive renovation in 2014 and early 2015, including exterior paint, new carports, and interior unit features.

CBRE’s Cray Carlson represented the seller, a private local investor.

The apartments were on a master lease with the County of San Bernardino under the Housing Choice Voucher Program, also known as Section 8.

“The County opted out of the contract, and the buyer purchased the property with 100 percent Section 8 tenants,” said Carlson. “There is a huge need for affordable apartments in San Bernardino, and the buyer plans on keeping it low-income housing.”