Berkadia announced today the sale of Hillside Village Apartments, a 80-unit multifamily property in San Bernardino, California. Managing Directors Ed Rosen and John Chu and Director Tyler Sinks of Berkadia San Diego led the transaction on behalf of the seller, San Diego-based Tower 16 Capital Partners.
Hillside Village Apartments sold for $16.5 million to Kirkland, WA-based Weidner Apartment Homes. The property was 96 percent leased at the time of sale.
“This sale is another indication of investor appetite for value-add opportunities in the Inland Empire,” said Sinks. “Both parties own other assets in the market which also made for an exceptionally smooth transaction.”
Hillside Village Apartments was built in 1985 and features 80spacious one- and two-bedroom floor plans. Each home comes with a well-equipped kitchen, vinyl plank flooring, a private balcony or patio and extra storage. Washers and dryers are available in select homes. Community amenities include a pool and spa, a laundry facility and beautiful landscaping. The property affords convenient access to Robert and Frances Fullerton Museum of Art, Shandin Hills Golf Club, local shopping, great dining and schools.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.