79-Unit Apartment Community in San Bernardino Sells for $18MM
July 29, 2021
SAN BERNARDINO, Calif.– The Mogharebi Group, (“TMG”) has completed the sale of Country Club Apartments in San Bernardino, a 79-unit community, located at 160 E Parkdale Drive. The property sold with multiple offers for $18,000,000 that equates to $228K per unit. The buyer was a private investment group out of Los Angeles.
“Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, Executive Vice President of TMG. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Mr. Ozen concluded, “The property represented a great value with strong upside that required the right buyer to maximize its full potential.”
Otto Ozen and Alex Mogharebi of TMG represented the seller, a Los Angeles based private investment group.
Built in 1986, Country Club Apartments is a two story, 79-unit apartment community that is located on East Parkdale Drive in San Bernardino, CA. The property comprises 71,428 square feet of rentable space. The complex is situated on a 5.44-acre site. Country Club Apartments features spacious two-bedroom floor plans with a large average size of 903 square feet. The community also boasts a swimming pool and spa, garages, and reserved parking.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.