A three multifamily property portfolio in San Bernardino has been sold for $12 million.
79 Lotus Apts, LLC purchased the properties from an undisclosed seller. CBRE’s Eric Chen represented both the buyer and seller in the transaction.
The properties total 79 units and include:
- Lotus, a 19-unit property located at 535 Wier Road.
- Steel Park Manor, a 32-unit property located at 505 Wier Road.
- Wier Park, a 28-unit property located at 2605-2619 Flint Way.
“This property had many challenges our team needed to overcome, with 21% vacancy and having to identify the right lender to close the transaction,” said Chen. “However, this transaction signals the continued appetite from the private capital space for multifamily investments in the Inland Empire for value-add opportunities.”
The portfolio is located within the South Pointe neighborhood near downtown Loma Linda and is proximate to several universities including Loma Linda University Medical Center, California State University San Bernardino, California Baptist University, San Bernardino Valley College, University of California Riverside and the University of Redlands. The properties offer a mix of one- and two-bedroom floorplans and provide convenient access to Interstates 10, 215, 210 and State Route 91.