Newmark is pleased to present the opportunity to acquire a value-add multifamily project, Green Village Townhomes (the “Property”). Green Village Townhomes is a 100% leased, 70-unit project across 9 buildings in Northeast San Bernardino.
In 2020, 250,000 people moved to the Inland Empire, effectively tying Phoenix for the biggest gain in households from migration in the United States. This migration continues the trend over the past 30 years as the population of the Inland Empire has grown to 4.6 million people. The Inland Empire’s population boom has increased the demand for housing in San Bernardino, showcased by a sharp decrease in vacancy in 2020. As of March 2022, the vacancy rate in San Bernardino is 2.1%, and AxioMetrics projects that San Bernardino will have over 16% rent growth in Q1 2022.
Green Village Townhomes offers investors the opportunity to acquire a value-add multifamily project with nearly immediate access to 13 units and the potential to execute on a business plan to turn units and increase rents.