(Read more on the multifamily market.)

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SAN BERNARDINO, CA-A partnership managed by Revere Investmentsof Cerritos has sold the 197-unit Mountainside Village Apartmentsfor $26.5 million, or $161 per sf, following the completion ofRevere's repositioning plan for the asset. The Cerritos-basedinvestment firm sold the property, which is at 1660 Kendall Dr., toa private investor based in Los Angeles.

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The apartment complex is adjacent to Cal State San Bernardino atthe corner of Kendall Drive and University Parkway. MountainsideVillage is a gated property comprising 21 two-story apartmentbuildings situated on 12 acres at a relatively low density of 16.5units per acre. Completed in 1989, the property was 90% occupied atthe time of the sale and consists of 78 two-bedroom, one-bathunits, 101 two-bedroom, two-bath units, and 18 three-bedroom,two-bath units. Four of the two-bedroom and four of thethree-bedroom units are single-story, villa-style design.

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The property provides 493 parking stalls, a ratio of 2.5 spacesper unit, and features common area amenities including a securegated entry, covered parking, two swimming pools, a poolsidebarbecue and picnic area, a sand volleyball court and basketballcourt and a children's play area. In-place rents average$1,065.

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Alex Mogharebi, a vice president of investments and seniordirector of Marcus & Millichap's National Multi Housing Groupin Ontario, represented the buyer, Griffin Partners. Mogharebi alsorepresented the Revere Investments.

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Revere acquired the property in 2005. According to Reverepartners David Jankowski and Mark Chalfin, the propertyrepositioning program included building exterior improvements,laundry room renovations, landscaping upgrades and new signage.Unit upgrades included new carpet and paint as well as renovatedkitchens and bathrooms.

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