COSTA MESA, CA (June 2, 2022) — The Mogharebi Group (TMG) has arranged the private sale of Amber Pines, a 23-unit community in the San Bernardino County city of Upland, CA. Otto Ozen, Executive Vice President of TMG represented the seller, a private investor out of Newport Coast, CA.
Built in 1975, Amber Pines is comprised of one- and two-bedroom units housed in a 23-unit multifamily community. Property amenities include a swimming pool, beautiful landscaping, and carport parking. The property, totaling 21,619 rentable square feet, comprises 23 units on 0.75 acres.
Amber Pines closed as 1031 exchange at 100% occupied with significant rental upside comparatively to its surrounding market and within a short due diligence period of 3 days and a 46-day Close of Escrow period. Approximately 9 of the 23 units have been renovated with new brushed nickel fixtures, a spacious kitchen with a stainless-steel sink, gas stove, dishwasher, and a breakfast bar. On the remaining 14 units, rental upside can be achieved.
Amber Pines is located a mile away from the Upland Metrolink Station providing immediate access from San Bernardino to Downtown Los Angeles. This newly developed extension has created significant job growth and demand in San Bernardino County as Los Angeles residents can now more easily commute in. Currently, the Inland Empire is seeing a surge of residents and ranks among the top-performing rental markets nationally. The LA Times reports that Riverside County has netted an influx of 35,631 new residents and San Bernadino County with 11,970 from July 1, 2020 – July 1, 2021.
The Inland Empire Economic Partnership is geared toward transforming the economic and political development of the region, focusing on matters in human capital, transportation, infrastructure, educational attainment, environmental quality, and political influence. The expansion of this region has caused multifamily housing demand to skyrocket, making the city of Upland more attractive.