California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

California  + Inland Empire  + Apartments  | 

San Bernardino MF Trades at Record Cap Rate

Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.

Pine Gardens Apartments, a multifamily property in San Bernardino, CA, mwas acquired by an undisclosed private buyer in a 1031-exchange for $8.2 million. The of 3.1% capitalization rate set a record for the San Bernardino area this year.

The 100%-occupied property, located at 1775 East 20th St., features 88 units, consisting of 44 one-bedroom, one bath units and 44 two-bedroom, one bath units. Built in 1961, the fully-gated community offers tenants four on-site laundry facilities, a pool, a recently renovated clubhouse with a full kitchen, and well maintained grounds with numerous fruit trees.

CBRE’s Cray Carlson represented the seller, an unnamed private investor which had owned the asset for nearly 30 years. Carlson notes, “An experienced investor won the bidding war with an offer that contained a 14-day physical inspection period, and no loan contingency.”

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With CBRE’s Carlson

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action