New York-based landlord Dalan Management paid $37.4 million for a 197-unit multifamily property in San Bernardino, Calif.
The real estate investment and management firm bought the Vue Apartment Homes, at 1600 West Kendall Drive, from the private equity firm FPA Multifamily, according to information from CBRE, which brokered the deal for the seller.
The Inland Empire property, built in 1988, includes apartments that span between 800 and 1,300 square feet, and the grounds include a pool, volleyball court, and fitness center.
“The strong job growth and demographic trends in the Inland Empire attracted us to this opportunity,” said Daniel Wrublin, principal of Dalan Management, in a prepared statement.
The CBRE team representing FPA included Stew Weston, Dean Zander and John Montakab.
FPA Multifamily has historically focused on workforce housing and its portfolio includes 115 buildings, totaling 27,000 units, in 19 states, with a focus on the South, Midwest and the West Coast.
Dalan Management, which operates primarily in New York, has begun branching out to markets in the West. This is their first California asset outside of the Los Angeles area, where they own five multifamily assets.