Alex Mogharebi of the Ontario office of Marcus & Millichap, who represented both the buyer and the seller, says the deal closed at a cap rate of 6.3% and a sales price of $94 per sf. The buyer was Capital Foresight-Inland Empire LP, one of about half a dozen prospective buyers that made offers on the property, according to Kevin Assef, SVP and regional manager of the Marcus & Millichap Ontario office.
Assef tells GlobeSt.com that the complex is in good condition and includes quite a few amenities, among them two heated swimming pools and spas, three recreation rooms, an indoor playground and fitness center, a leasing office and secured entry and parking, landscaped courtyards, a clubhouse with a fireplace and restrooms, three common laundry rooms, indoor racquetball and picnic areas with barbecues. The propertys good condition means that it does not need major renovations, Assef says, but it does have upside potential with cosmetic improvements.
The North Pointe Apartments were constructed in 1986. The property consists of 59 buildings on a site of nearly 26 acres. Its unit mix includes 192 one-bedroom, 300 two-bedroom and 48 three-bedroom apartments, ranging in size from 652 to 1,075 sf. Rental rates currently range from $473 to $1,160 per month. The complex is close to schools and colleges, hospitals, shopping, San Bernardino city offices and other services, with convenient access to surface streets and freeways. Occupancy runs at approximately 94%.
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