The development has 232 units. Part of the large complex fronts the 800 block of Lugo Ave., while the other part faces the 2800 block of Miramonte Dr.
The buyer is Scott E. Clifton, an individual investor who lives in San Diego. Udi Katz of Multi-Housing Realty represented both Clifton and the seller, San Diego-based Miramonte and Equity Alliance.
A number of relatively large apartment complexes has recently been sold in San Bernardino, which the US Census Bureau says is one of the five fastest-growing areas of California. Just last week, privately held HK Realty of Los Angeles said it has paid $2.7 million for a 102-unit complex at 369 E. Rialto Ave., not far away from the development purchased by investor Clifton.
Construction in the area hasn't kept pace with demand created by the growing population. Rents in San Bernardino should grow about 8% over the next 12 months, some brokerage reports say, roughly three times faster than the overall inflation rate.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
