California + Inland Empire + Apartments | May 2, 2023

Newly Completed San Bernardino Multifamily Sells for 97% of List Price

The Mogharebi Group has arranged the $21.5-million sale of Loma Villas, a newly constructed 70-unit multifamily community in San Bernardino. Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, a regional owner/developer, in the sale to a Southern California-based private investor.

“We demonstrated the project’s attractive pro forma rent numbers and highlighted that buyers could take advantage of the prearranged below-market rate loan package, which generated numerous qualified offers early on while still in the construction process,” said Ozen.

The combination of Southern California’s severe winter storms and supply chain disruptions delayed the completion of construction for several months, according to LaBar.

“In a rising interest rate environment, the biggest concern for a buyer is time, and the delays typically would have killed the deal,” he said. “Comforted by the desirable in-place financing, the buyer was great to work with and we closed at 97% of list.”

Hear from CRE newsmakers like LaTerra Development Managing Director Chris Tourtellotte. Come together with top dealmakers, owners, investors, lenders and more at Connect LA on May 3 at the Hotel Indigo.

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The Mogharebi Group

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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