Rundown to Rehabbed: Reopened Apartments Renew Hope in San Bernardino Neighborhood

The City of San Bernardino welcomed the Grand Opening of the 44-unit Golden California Apartments at 1415 E Date Street in San Bernardino, between Sterling and Del Rosa Avenues yesterday.

The complex, which was red-tagged by San Bernardino City Code Enforcement as uninhabitable in March 2020, has been completely refurbished by Capitalist Masters Group (CMG) who purchased the property through receivership.  CMG specializes in the rehabilitation of rental housing, including distressed properties, and placing quality rental units back into the market.

CMG Managing Partners Cuthberto Ramos and Manuel Marquez welcomed a crowd of residents, public officials, family members and city employees to the opening and ribbon cutting of the facility.  San Bernardino Mayor John Valdivia and 7^th Ward Councilman Damon Alexander also attended and each thanked CMG for their investment in the neighborhood and restoration of the apartments.

“This is exactly the kind of public-private partnership we need in the City of San Bernardino,” said Mayor Valdivia.  “CMG came in with a plan and a vision and the expertise and resources to execute and the staff at the City took a pro-business approach and helped them accomplish their goals.”

The complex of 2- and 3-bedroom apartments has been thoroughly rehabilitated, including an overhaul of the water and sewer systems, updated heating and cooling, a new roof on the entire complex, new paint and vinyl flooring throughout, and high-end finishes such as granite countertops.  The complex features a brand-new courtyard with a play-area and barbecue amenities.

Rents are moderately priced and competitive with similar properties in the region.  New residents will begin moving in April 1^st and applications are currently being accepted.  It is expected that the new residents will help lift up the local community and drive the economic prospects of the neighborhood.

CMG purchased the property last April for $3.8 million and invested approximately $2 million for the rehabilitation, completing it in under a year in the midst of the Covid-19 Pandemic.