The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed 70-unit multifamily community in San Bernardino, Calif.
Located at 415 E. Commercial Rd. in the Inland Empire’s second largest city, Loma Villas offers a mix of studio, one-, and two-bedroom floor plans ranging from 525 to 822 square feet—each with modern finishes and private enclosed patios or balconies. The two-story, amenity-rich development features a pool and spa, gym, bark park, and a grilling/picnic area.
Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, a regional owner/developer, in the sale to a Southern California-based private investor.
“We demonstrated the project’s attractive pro forma rent numbers and highlighted that buyers could take advantage of the prearranged below-market rate loan package, which generated numerous qualified offers early on while still in the construction process,” said Ozen.
The combination of Southern California’s severe winter storms and supply chain disruptions delayed the completion of construction for several months, according to LaBar.
“In a rising interest rate environment, the biggest concern for a buyer is time, and the delays typically would have killed the deal,” he said. “Comforted by the desirable in-place financing, the buyer was great to work with and we closed at 97 percent of list.”
Loma Villas is less than two miles from the interchange of U.S. Interstates 10 and 215, which connects residents to the retail, dining, entertainment, and employment centers throughout the city and the Inland Empire. The new $1.5 billion Loma Linda University Medical Center and Children’s Hospital and San Bernardino International Airport are also only five minutes away.
Founded in 2015, The Mogharebi Group is one of the leading multifamily brokers in the state of California, according to real estate research and advisory firm Green Street. TMG has been involved in closing almost 10,000 units in the Inland Empire with total value nearing $2 billion.