Dalan Management has offloaded one of its apartment complexes in the Inland Empire for $54 million.
The New York firm sold a 197-unit apartment complex at 1660 Kendall Drive in San Bernardino to Tailwind Investment Group of Newport Beach, Dalan’s co-founder Danny Wrublin said in an interview. CBRE brokered the off-market deal.
Wrublin called the sale “opportunistic,” saying the firm was able to sell at a “compelling enough” number. Dalan plans to use proceeds to buy another complex and is looking in Houston as well as Southern California and New York.
Dalan bought the complex for $37.4 million in 2019, according to Matthew Sobel, the firm’s head of acquisitions.
The sale marks the most recent multifamily sale in the Inland Empire, where apartment rents climbed 8.5 percent year-over-year in the first quarter, faster than anywhere else in the country.
Llast month, ASB and Western National bought a 521-unit apartment complex in Rancho Cucamonga for $227 million.