IPA Arranges Sale of Inland Empire Multifamily Asset
The high-occupancy, garden-style apartment community was sold for a per-unit price of $147,000.
By Alex Girda, Senior Editor
Redlands, Calif.—Tesoro Apartment Homes in San Bernardino County is the latest multifamily property to trade hands with the help of Institutional Property Advisors. Seller Fowler Property Acquisitions received $27.75 million for the community, in a deal that was arranged by IPA Executive Director Stewart I. Weston, Senior Director Christopher Zorbas, Director David Sperling, Associate Director John Montakab, and Senior Director Alexander Garcia. The buyer was represented by Marcus & Millichap representatives Tyler Leeson and Alex Mobin.
Tesoro Apartment Homes
Located at 106 West Pennsylvania Ave. in Redlands, Calif., Tesoro Apartment Homes consists of 188 units. The community is made up of 21 two-story, garden-style apartment buildings that offer a unit mix of one- and two-bedroom units, with an average size of 815 square feet.
Located in close proximity to the University of Redlands, Citrus Plaza and Mountain Grove at Citrus Plaza retail center, Tesoro offers residents an amenity package that includes controlled access, two swimming pools, furnished sundecks, and five laundry facilities.
According to real estate data provider Yardi Matrix, the average rent at the community is $1,175. At the end of 2015, average occupancy at Tesoro was 97.9 percent, placing the property in the upper tier of vacancy.
Image courtesy of Yardi Matrix.
