Cray Carlson of the Ontario office of Marcus & Millichap says that Group IV of Los Angeles bought the one-building complex at 1433 E. Lynwood Dr. in San Bernardino from Queen Properties of Santa Monica. Carlson represented both the buyer and the seller in the transaction.
The two-story walk-up complex, built in 1968, is made of wood frame and stucco. It is designed with 27 two-bedroom apartments and 13 three-bedroom units. The two-bedroom units range from 825 sf to 925 sf and rent for $450 to $675 per month. The three-bedroom units measure 1,125 sf and rent for $650 to $800 per month. The complex was 95% occupied at the time of the sale, reflecting what brokers say is the continued high occupancy rate for Inland Empire apartments despite the stagnant economy.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.