SAN BERNARDINO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles.
A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley.
Bryan LaBar and Otto Ozen of TMG represented the seller.
“Due to the low price per unit and high-quality construction, the buyer pool was large,” says LaBar. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.”
Built in 1984, Bernardine Senior Independent Living is a four story, 71-unit apartment community. The property comprises 36,200 square feet of rentable space on a one-acre site.