San Bernardino apartments to become workforce housing

A 32-unit apartment project in San Bernardino has been sold for $12.3 million.

Aspen Real Estate Financial LLC and the San Bernardino County Housing Authority bought Echo Apartment Homes at 505 E. Rialto Ave., according to Lee & Associates, which negotiated the sale.

The price of the property is $320,000 per unit. The seller, who was represented by CBRE, wished to remain anonymous.

The Housing Authority will put into place a workforce development program, which provides housing for individual and families with a moderate income.

“Moderate” is usually defined as between 60 percent and 120 percent of an area’s median income. Workforce housing is usually reserved for essential workers – including teachers, nurses, and first responders – who don’t qualify for subsidized low-income housing.

“Echo Apartments represents a landmark transaction for San Bernardino, achieving the highest price per unit in over two decades,” said Cray Carlson, senior vice president for CBRE, in a statement. “This sale not only reflects the strength of the Inland Empire multifamily market but it also highlights the positive impact that strategic public-private partnerships can have on the community.

Echo Apartment Homes has 26 two-bedroom units that average 1,059 square feet, six three-bedroom units that average 1,192 square feet and six four-bedroom units that average 1,248 square feet, according to the statement.