Senior apartment complex sells for $7.2 million

A senior independent living apartment complex in San Bernardino has sold for $7.2 million.

Built in 1984, the four story, 71-unit community is on just over 1 acre located at 363 E. Gilbert Street. According to the seller, Bernardine features one-bedroom units, a recreation room, commercial kitchen, nursing station, laundry room, upgraded surveillance systems and secured access.

The property represented by Bryan LaBar and Otto Ozen of The Mogharebi Group, received several offers before reaching an agreement with a private investment group in San Gabriel Valley for $102,000 a unit or $206 per square foot.

“Due to the low price per unit and high-quality construction, the buyer pool was large,” says Bryan LaBar, Vice President of TMG. “The property represented a great value with solid upside that required a special buyer to realize its full potential.”

The seller was a Los Angeles based private investment group.