CBRE Brokers Sale of Inland Empire Community
- Jan 16, 2020
CBRE has arranged the sale of Villa Real Apartments, a 43-unit property in San Bernardino, Calif., for $4.6 million. The firm’s Senior Vice President Cray Carlson and Associate Trey Mitchell worked on behalf of the buyer, a local investor.
Located at 4190 Sepulveda Ave., the property is just off Freeway 18, within 5 miles of downtown San Bernardino and approximately 6 miles from the city’s international airport. Villa Real Apartments is situated within a cluster of eateries and shopping centers, including Walgreens, Stater Bros. Markets and Mike’s Bargain Discount Grocery. The property was constructed in 1968 on 1.3 acres and encompasses one-bedroom apartments, featuring laundry facilities, according to public records.
According to the latest Yardi Matrix report, the Inland Empire’s affordability advantage in comparison with other metros in Southern California is attracting new residents and the local labor market is driving demand for multifamily. Additionally, a historically limited supply is maintaining rent growth above the national average.
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