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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.”
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