California + Inland Empire + Apartments | May 11, 2023

CBRE represented both the buyer and seller in the $12-million sale of a three-property multifamily portfolio in San Bernardino, California

High-Vacancy San Bernardino Multifamily Finds Buyer

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.
Wier Park, a 28-unit property located at 2605-2619 Flint Way.

“This property had many challenges our team needed to overcome, with 21% vacancy and having to identify the right lender to close the transaction,” said Chen. “However, this transaction signals the continued appetite from the private capital space for multifamily investments in the Inland Empire for value-add opportunities.”

The portfolio is located within the South Pointe neighborhood near downtown Loma Linda. The properties offer a mix of one- and two-bedroom floorplans and provide convenient highway access.

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Inside The Story

CBRE's Chen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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