Inland Empire Senior Community Sells for $18M
- Jul 29, 2021
Schuler Investment Corp. has acquired Country Club Apartments, a 79-unit senior housing community in San Bernardino, Calif., for $18 million from Crystal Asset Management, according to public records.
The Mogharebi Group represented the seller. According to Yardi Matrix, the property last traded in 2017 when the previous owner purchased it for $9.6 million, or $122,519 per unit. This time the sale price almost doubled, amounting to $227,848 per unit.
Schuler Investment secured $9.8 million in acquisition financing from MUFG Union Bank, San Bernardino County records show.
Located at 160 E. Parkdale Drive on a 5.4-acre site, the community features two-bedroom apartments with floorplans averaging 903 square feet. The 1986-built two-story property provides a clubhouse, a cabana, a swimming pool, a playground, garages as well as reserved parking spaces.
Country Club Apartments is 4 miles from California State University, less than a mile from the Arrowhead Country Club and the West 40th Street retail corridor. Downtown San Bernardino is roughly 3 miles southwest of the property.
TMG’s team included Founder & President Alex Mogharebi and Executive Vice President Otto Ozen. In April, the duo along with Senior Vice President Mike Marcu brokered the $44.4 million sale of a student housing community in Fullerton, Calif.