Mill Creek Apartments changes hands

Mill Creek Apartments, a 160-unit apartment community in San Bernardino has been sold by real estate private equity group, Preservation Equity Fund Advisors, LLC (PEF Advisors) to an undisclosed buyer according to a statement released by the company.

The property is an assemblage of two properties originally developed with low-income housing tax credits. Eleven fourplexes containing 44 units were built in 1963 and the garden style 116-unit portion was built in 1973. The combined low-density property sits on 7.51 acres and consists of a total of 19 buildings with one- and two-bedroom units serving families making 50% and 60% of Area Median Income.

While the sale price was not disclosed, the company did highlight recent investments in the property of more than $1.15M to address deferred maintenance, upgrade common areas, and replace building systems. They also added energy efficient retrofits, including solar panels which will save both ownership and residents on electricity costs.