At 3.8% in March, vacancy in the San Diego metro area has decreased 70 basis points over the last year. Average monthly asking rents reached $1,712, advancing 5.4% across the area annually.

“This property is well-maintained and located in between downtown San Diego and San Ysidro, an area that is quickly becoming quite popular,” said Mogharebi. “These factors, among others, were key attributes that attracted the buyer, and our team was able to leverage our proprietary market intelligence and extensive experience to close the sale efficiently.”

Mogharebi also closed for the sale of Oasis at Bermuda Dunes, which sold for $19 million and is located at 79090 42nd avenue in Bermuda Dunes, California. The buyer was Pacific Development Partners of San Juan Capistrano, the seller was Tri-Millennium Properties of Los Angeles. Built in 2005 by the seller, the 140-unit property features one- and two-bedroom layouts. Unit amenities include raised ceilings, granite countertops, and washer and dyers, and community amenities consist of a swimming pool, business center, playground and media room. The buyer plans to put new property management in place to increase revenues through renovations and operational efficiencies.

Finally, Mogharebi brokered the $16.9 million sale of Harbor Grand, located at 15120 Grand Avenue in Lake Elsinore. The buyer was Providence Capital Group in Encinitas, who purchased the property as the upleg of 1031 exchange. The seller was Positive Investments of Arcadia. The previous owner acquired the property out of foreclosure and completed upgrades throughout the community. The 192-unit property features one-, two- and three-bedroom layouts. Unit amenities consist of fully equipped kitchens, walk-in closets, vaulted ceilings, and a patio or balcony, and community amenities include two swimming pools, spas and laundry facilities, a courtyard and a playground.

Vacancy in the Inland Empire metro area was 4.5% at the end of the first quarter, 30 basis points lower than a year ago. Average asking rents have increased 5.4% since the first quarter of 2014, reaching $1,324 per month in March this year.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industryleading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia is among the largest, highest rated and most respected primary, master and special servicers in the industry.