Revere Closes $27M Repositioning Sale

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SAN BERNARDINO, CA-A partnership managed by Revere Investments of Cerritos has sold the 197-unit Mountainside Village Apartments for $26.5 million, or $161 per sf, following the completion of Revere’s repositioning plan for the asset. The Cerritos-based investment firm sold the property, which is at 1660 Kendall Dr., to a private investor based in Los Angeles.

The apartment complex is adjacent to Cal State San Bernardino at the corner of Kendall Drive and University Parkway. Mountainside Village is a gated property comprising 21 two-story apartment buildings situated on 12 acres at a relatively low density of 16.5 units per acre. Completed in 1989, the property was 90% occupied at the time of the sale and consists of 78 two-bedroom, one-bath units, 101 two-bedroom, two-bath units, and 18 three-bedroom, two-bath units. Four of the two-bedroom and four of the three-bedroom units are single-story, villa-style design.