Multifamily complex sold in like-kind exchange

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Marcus & Millichap arranged the sale of Ascot Park Apartments in San Bernardino, Calif. The value of the transaction was $11.8 million. A Southern California-based investment partnership sold the property to a Newport Beach, Calif.-based partnership in a 1031 exchange. The property is located near the San Bernardino Airport at 1422 E. 9th St. in the southeast submarket of San Bernardino. The property was constructed in 1985 and includes 160 low-density, garden-style units with 126,016 rentable square feet on 7.35 acres. The unit mix includes 40 one-bedroom, 72 two-bedroom and 48 three-bedroom units, ranging in size from 610 to 1,007 square feet. The property features a pool, three laundry facilities, spa, business center, playground and secured entry. At the time of sale, occupancy was 95 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to