Inland Empire Community Gets New Owner
- Oct 15, 2019
A private investor has acquired Wood Ridge Villas, a 56-unit Class C multifamily asset in the Inland Empire for $6.1 million, according to Yardi Matrix. The new owner financed the acquisition with a $3.9 million Freddie Mac loan originated by CBRE. The deal marks the first time the asset has changed hands since 2008, when the community traded for $5.1 million.
Located at 1275 E Date St. in San Bernardino, Calif., the 1972-built community is near the Foothill Freeway, some 60 miles east of central Los Angeles. The asset is within 1 mile of the Highland Avenue retail corridor and Dignity Health’s St. Bernardine Medical Center. OmniTrans operates a bus route through the area, connecting the property to the rest of the city.
Wood Ridge Villas offers a mix of 900- and 1,100-square-foot two-bedroom apartments, which were 91.1 percent occupied in September, per data from Yardi Matrix. Community amenities include a playground, clubhouse and swimming pool.
With growth largely driven by the market’s booming industrial sector, multifamily investors continue to see the Inland Empire as a safer—and more affordable—bet than Los Angeles, particularly given the area’s limited supply and steady rent growth. Transaction volume in 2019 has already exceeded $1 billion, encompassing nearly 30 sales of some 5,800 units, according to Yardi Matrix. In January, a joint venture acquired an 80-unit community 6 miles northwest of Wood Ridge for $11 million.