Berkadia Completes $42 Million Sale of Southern California Multifamily Property

January 14, 2019

Berkadia Completes $42 Million Sale of Southern California Multifamily Property

January 14, 2019
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LOS ANGELES – January 14, 2019 – Berkadia announced today the $42.25 million sale of Mountain Summit Condominiums, a 194-unit garden-style multifamily property in Ontario, California. Managing Directors Jim Fisher and Jeff Rowerdink and Senior Director Mike Smith of Berkadia’s Los Angeles office completed the sale on behalf of the seller, Los Angeles-based TruAmerica Multifamily. The buyer was Advanced Real Estate Services, based in Southern California, and the deal closed on December 19.

“With tremendous job growth, low vacancy rates and very little development, the Inland Empire continues to be a favorable investment environment for both buyers and sellers,” said Fisher.

Located at 1352 W. 5th St., Mountain Summit features one-, two- and three-bedroom units with air conditioning and heating, walk-in closets, balconies, microwaves and garbage disposals. Residents enjoy community amenities such as a fitness center, a business center, a clubhouse, a courtyard and a picnic area. The property is conveniently accessible via the San Bernardino Freeway.