An Orange County investment firm has bought three Redlands apartment complexes for a combined $18.3 million.
All sales closed between May 31 and June 1, according to Vizzda, a commercial real estate data provider.
Doug Wetton Investments bought Las Casitas Apartments in Redlands for $10.7 million or $254,761 per unit, Vizzda data shows.
The 42-unit complex at 132 New York St. was built in 1979 on roughly 3 acres. The community has a mix of 12 one-bedroom, one-bathroom and 30 two-bedroom, one-bathroom apartments.
Not even a mile away from Las Casitas, the Newport Beach firm also bought Brookside Patios for $4.9 million or $245,000 per unit.
The 20-unit apartment complex on 711 Brookside Ave. has a mix of one- and two-bedroom units.
In the third transaction, which closed June 1, DW Investments bought The Palms, a 10-unit apartment building at 16 San Mateo St. The purchase price was $2.72 million.
The 11-unit complex was built in 1959 and has 10, two-bedroom and one three-bedroom apartments.
The seller on all three deals was Watson Las Casitas, Brookside & Palms LLC.
A solid two years of earnings during the pandemic for investors has made multifamily properties an attractive bet. Vacancy rates have shrunk across the region as tenants shifted inland for cheaper housing. That sent Inland Empire rents upward, rising 17.4% year over year from early 2021 to a record-high average of $1,941, according to a Southern California News Group composite of three leading apartment indexes.
A week ago, we reported that two Ontario apartment complexes sold for a combined $356 million.
Jurupa Valley industrial warehouse sells to CenterPointe
CenterPoint Properties has bought a 210,615-square-foot warehouse facility at 10855 Philadelphia Ave. in Jurupa Valley for undisclosed terms.
“Demand is unprecedented in the Inland Empire as logistics companies compete to lease functional space proximate to the Ports of LA & Long Beach, as well as the Southern California population base,” said Ashley Vanacore, CenterPoint’s investment officer, in a statement. “Blue-chip facilities are a priority on companies’ wish lists, so we’re happy to add this distribution facility to our infill SoCal portfolio,” she added.
This firm said the buy marked its fifth acquisition in the Inland Empire in nine months for a combined $265 million.
The firm in February bought a 108,000-square-foot warehouse in Ontario following a buying binge in 2021 that added 13 properties to its Southern California portfolio.
Alaska native succeeds longtime CEO of Wakeland Housing
Rebecca Louie is the new president and chief executive at Wakeland Housing and Development Corp., a nonprofit affordable housing organization with communities in the Inland Empire.
Louie succeeds founding President and CEO Ken Sauder, who is retiring after 23 years with the organization.
Louie joined the nonprofit in 2005 and previously was its vice president and chief operating officer.
Originally from Alaska and a member of the Tlingit-Haida tribe, Louie is considered an advocate for affordable housing, social and environmental justice, and homelessness. She has also worked at SANDAG, Center on Policy Initiatives, and United Indian Nations Community Development Corporation. She also is the board chair for the San Diego Housing Federation.
Afternoon tea with American Girl returns in San Bernardino
Dr. Mildred Dalton Henry Elementary School will host an afternoon tea Aug. 6 with the American Girl Doll collection, with some help from the San Bernardino City Library Foundation.
The tea will begin at noon the school (1250 W. 14th St.). Refreshments and an educational program will be hosted by the University of California’s local Master Gardner/Master Preserver program.
The program was put on ice during the pandemic, but this year, are youth can share tea and snacks.
Children can check out an American Girl Doll kit year-round at the San Bernardino City Library. The collection includes one of several ethnically diverse dolls, a carrying case, accessories, a book about the doll and a journal.
A reservation for the tea service is required. Call 909-381-8211 by Aug. 3 and leave your contact information and how many reservations in a message. The final deadline is Friday, Aug. 5.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
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