Investment firm FPA Multifamily has unloaded a 197-unit apartment community in San Bernardino, in an area that has benefited from the continued strong performance of the industrial market.
New York-based Dalan Management paid $37.4 million for the property, located at 1660 W. Kendall Drive.
The Vue Apartment Homes
The Vue Apartment Homes have floor plans that range from 800 square feet to 1,030 square feet. Built in 1988, the property is near California State University features a pool, a sundeck, a business and student center. Stew Weston, Dean Zander and John Montakab of CBRE represented Irvine-based FPA.
In a statement that accompanied the announced acquisition, Dalan Management principal Daniel Wrublin said job growth in the Inland Empire attracted the firm to the property. About 104 million square feet of industrial and commercial space and 10 million square feet that is now under construction are located within a 10-mile radius of the complex.
The multifamily market in the Inland Empire has remained healthy this year, according to CBRE. Construction activity continued to rise with 1,555 apartments added from March 2018 to March 2019. Demand has also stayed strong, exceeding new supply, as 1,445 units were absorbed.