CBRE’s Eric Chen represented both the buyer and seller in the sale of a three-property multifamily portfolio in San Bernardino. 79 Lotus Apts, LLC purchased the properties for $12.047 million from an undisclosed seller.
The properties total 79 units and include: Lotus, a 19-unit property located at 535 Wier Road; Steel Park Manor, a 32-unit property located at 505 Wier Road; and Wier Park, a 28-unit property located at 2605–2619 Flint Way.
Chen noted that overcoming challenges such as 21% vacancy rate was necessary to close this transaction successfully while also highlighting continued appetite from private capital space for multifamily investments in Inland Empire due to value add opportunities available there.
Located within South Pointe neighborhood near downtown Loma Linda, these properties offer mix of one bedroom and two bedroom floorplans with convenient highway access nearby too.
This high vacancy San Bernardino multifamily has found its buyer despite numerous challenges faced along the way which indicates strong investor interest towards value add opportunities present in Inland Empire area even during current market conditions
