Tower 16 Capital Partners of San Diego has acquired a San Bernardino apartment complex for $11 million in a joint venture with Henley USA.
The seller of the 80-unit Hillside Apartments at 2196 Kendall Drive was undisclosed.
Warren Berzack and Slavic Zlatkin of Lee & Associates represented the buyers and the seller.
Built in 1986, the 64,480 square-foot complex is comprised of 13 buildings with apartments averaging 830 square-feet each.
“While this acquisition is small for us, it fits with our criteria of purchasing assets with significant operational upside and require capital improvements,” said Tower 16 Principal Mike Farley. “Our plan is to replicate our growth in the Las Vegas market, where we now have 1,600 units, as we assemble a portfolio of multifamily properties with considerable upside.”
The complex is a mix of one-bedroom and two-bedroom apartments with covered parking and private balconies or patios, a pool, spa, fitness center and laundry rooms.
“We are excited about the Hillside Village acquisition as part of a larger acquisition strategy in the Inland Empire,” said Tower 16 Principal Tyler Pruett. “There is a huge need for affordable housing options as the Inland Empire continues to attract new people to the region from more expensive coastal markets.”
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904