Country Club Apartments sells for $18 million

A 79-unit apartment community in San Bernardino has sold for $18 million.

The Mogharebi Group, a brokerage firm that specializes in multifamily properties in California, negotiated the sale of the Country Club Apartment community.

The buyer was an investment group in Los Angeles whose name was not released. The seller, represented by Mogharebi, was a Los Angeles-based investment group that also wished to remain anonymous.

Built in 1986, the community at 160 E Parkdale Drive sits on 5.44 acres and has 71,428 square feet of rentable space. It features two-bedroom floor plans, a swimming pool and spa, garages, and reserved parking.

“Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, Executive Vice President of TMG. “The property represented a great value with strong upside that required the right buyer to maximize its full potential.”