SAN BERNARDINO, CA, July 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the sale of Sunset Ridge Apartments, (top right photo) a 205,634-square foot, 251-unit special asset apartment property in San Bernardino.The sales price of $10.35 million represents $41,235 per unit and $50 per square foot.
Alexander Garcia, (middle left photo) senior vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Ontario, and Lane Schwartz, vice president investments and a director of the NMHG in West Los Angeles, represented the seller, one of the largest loan servicing entities in the United States.
Steve Hsu, an associate vice president investments and an associate director of the NMHG in Ontario, represented the buyer.
“Our marketing campaign generated 17 offers,” says Garcia. “The buyer offered all cash and we closed in two weeks on a non-contingent basis.”
Located at 1700 East Date St., Sunset Ridge Apartments is adjacent to the recently completed Foothill Freeway, State Highway 210. Drive-by traffic on Ste. Hwy. 210 exceeds 60,000 cars per day and provides outstanding exposure and easy access to the job markets in Los Angeles, Orange, Riverside and San Bernardino counties.
Sunset Ridge Apartments is served by Omnitrans, the San Bernardino Valley public transit agency, and is within walking distance to shopping, banking and schools. Cal State San Bernardino is just a five-minute drive from the property.
Built in 1973, Sunset Ridge Apartments’ unit mix features 60 one-bedroom/one-bath units, 64 two-bedroom/one-bath apartments, 35 two-bedroom/one-bath townhomes, 64 two-bedroom/two-bath apartments, 20 three-bedroom/two-bath units and eight four-bedroom/two-bath apartments.
This unit mix is not duplicated anywhere else in the submarket.
Unit interiors feature large kitchens with gas ranges, ovens, dishwashers and disposals. All units feature central air conditioning and electricity-generated forced air heating. Each unit is individually metered for electricity.
Unit interiors feature large kitchens with gas ranges, ovens, dishwashers and disposals. All units feature central air conditioning and electricity-generated forced air heating. Each unit is individually metered for electricity.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
No comments:
Post a Comment