COSTA MESA, CA (June 1, 2022) — The Mogharebi Group (TMG) has arranged the $2.9 Million sale of 26674 Ward Street, a 20-unit community in the San Bernardino County city of Highland, CA. Bryan LaBar and Matt Lawton of TMG represented the seller, a private investment group out of Mira Loma, CA.
Built in 1964, 26674 Ward is comprised of one-, two-, and three-bedroom units housed in a 20-unit multifamily community. Property amenities include a laundry room, storage area, open asphalt center courtyard, and carport parking. 26674 Ward is located near a significant and growing employment base, less than 1 mile to Amazon Air Regional Air Hub, San Bernadino Airport, and 10 minutes away from Amazon Fulfillment Centers ONT2 & ONT5.
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 active economic opportunities are highlighted by Paul Granillo, President and Chief Executive of the Inland Empire Economic Partnership, who stated in the LA Times that 42% of all the goods that enter through the ports of LA and Long Beach pass through the Inland Empire before heading to the rest of the country. 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.
26674 Ward closed at 100% occupancy with a desirable unit mix with a high double-digit in-place loss-to-lease. Renovated properties in the submarket command a premium of $200 to $300 in excess of 26674 Ward.