A 197-unit multifamily property in the Inland Empire recently sold to Tailwind Investment Group, an Orange County-based real estate investment firm, for $53.6 million. The Vue, located at 1660 W. Kendall Dr. in San Bernardino, was built in 1988 and is situated on 11.94 acres near California State University, San Bernardino.
The property is also near the 210, 215 and 15 freeways, allowing access to Los Angeles County, the greater Inland Empire region and a variety of nearby entertainment centers. Residents are within walking distance to amenities including Campus Crossroads Shopping Center and The Shops at University Park.
“The Vue has benefited from the phenomenal rent growth over the last couple of years, consistent with overall rent growth in the Inland Empire, which has increased 22 percent since the fourth quarter of 2019,” says CBRE’s Stewart Weston.
CBRE’s Dean Zander and Weston represented the sellers, Dalan Management and VM Management, in the transaction. “With minimal new apartment supply coupled with an abundance of jobs in the warehousing, manufacturing, distribution and logistics centers nearby, investors are demonstrating a strong and growing preference for well-located Inland Empire apartment buildings,” said Zander. “Tailwind plans to perform unit interior and common area upgrades to better position The Vue in this highly desirable submarket.”