Multifamily project in San Bernardino sells for $11.5 million

An 80-unit apartment complex in San Bernardino has been sold for $11.5 million.

The Debwany Apartments, 2936 Loma Ave. are located on 2.2 acres and has more than 60,000 square feet of rentable space, according to The Mogharebi Group, a brokerage firm in Costa Mesa that negotiated the sale.

The seller was a private investor in Orange County whose name was not released. The buyer was a private investment group in Southern California.

“There was a significant amount of interest with this investment,” says Bryan LaBar, vice president of The Mogharebi Group, in a statement. “The property represented a great value with strong upside that required the right buyer to maximize its full potential.”

The two-story apartment complex, which was built in 1963 and underwent a major renovation in 1984, has one, two and three-bedroom floor plans, according to the statement.