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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

$7.24 Million Senior Community in San Bernardino, CA Sold by TMG

July 17, 2021 GMT

SAN BERNARDINO, Calif.--(BUSINESS WIRE)--Jul 16, 2021--

The Mogharebi Group (“ TMG ”) has completed the sale of Bernardine Senior Independent Living in San Bernardino , a 71-unit community, located at 363 E Gilbert Street. The property sold with multiple offers for $7,240,000 that equates to $102K per unit or $206 per square foot. The buyer was a private investment group out of the San Gabriel Valley.

“Due to the low price per unit and high-quality construction, the buyer pool was large,” says Bryan LaBar, VicePresident of TMG. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Mr. LaBar concluded, “The property represented a great value with solid upside that required a special buyer to realize its full potential.”

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Bryan LaBar and Otto Ozen of TMG represented the seller, a Los Angeles based private investment group.

Built in 1984, Bernardine Senior Independent Living is a four story, 71-unit apartment community that is located on East Gilbert Street in San Bernardino, CA. The property comprises 36,200 square feet of rentable space. The complex is situated on a 1.05-acre site. Bernardine features one-bedroom units. The community also boasts a recreation room, elevator access, commercial kitchen, nursing station, 1 laundry room, upgraded surveillance systems and secured access.

About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

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For more information visit: Mogharebi.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20210716005504/en/

CONTACT: The Mogharebi Group

Bryan LaBar| 909.371.1328

Vice President

Bryan.LaBar@Mogharebi.com

Otto Ozen| 909.235.7889

Executive Vice President

Otto@Mogharebi.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT PROFESSIONAL SERVICES MANAGED CARE HEALTH SENIORS CONSUMER OTHER CONSTRUCTION & PROPERTY FINANCE

SOURCE: The Mogharebi Group

Copyright Business Wire 2021.

PUB: 07/16/2021 08:32 PM/DISC: 07/16/2021 08:32 PM

http://www.businesswire.com/news/home/20210716005504/en