SAN BERNARDINO, CA—The Mogharebi Group, (“TMG”) has completed the sale of Bernadine Senior Independent Living in Ontario, a 71-unit community, located on 363 East Gilbert Street. The property sold with multiple offers for $6,775,000 that equates to $95,423 per unit. The buyer was a private investment group out of Los Angeles.
“The attractive price per unit was well below replacement cost and produced strong interest from buyers,” says Otto Ozen, Executive Vice President of TMG. “Due to the unique nature of this asset, we generated multiple offers from both private buyers as well as affordable housing investors.” Mr. Ozen concluded, “Ultimately an affordable housing buyer won the deal and scored a great investment with upside. The buyer clearly saw the upside potential in the asset.”
Alex Mogharebi, Otto Ozen, and Bryan LaBar of TMG represented both the seller, Inland Empire acquisition group and the Los Angeles buyer.
Built in 1984, Bernadine Senior Independent Living is a four story, 71-unit apartment community comprises 1 residential building totaling 36,210 rentable square feet and situated on a 1.05-acre site. Bernadine Senior Independent Living features one-bedroom units. The community also boasts a recreation room, commercial kitchen, laundry facilities, outdoor picnic area with BBQ, and controlled access.
ABOUT THE MOGHAREBI GROUP: THE MOGHAREBI GROUP (TMG) headquartered in Costa Mesa, California, is the premiere multi-family real estate services and investment firm. The company serves real estate investors and offers a broad range of integrated services including transaction and project management, investment management, 1031 Exchanges, valuation; strategic consulting, property sales. Please visit our website at www.Mogharebi.com