San Bernardino County to convert Victorville apartment complex to affordable housing

Rene Ray De La Cruz, Victorville Daily Press
·1 min read
1
The Housing Authority of San Bernardino County has purchased the multifamily Northport Apartment complex in Victorville, which it intends to transition into affordable housing.
The Housing Authority of San Bernardino County has purchased the multifamily Northport Apartment complex in Victorville, which it intends to transition into affordable housing.

The Housing Authority of San Bernardino County has purchased a multifamily apartment complex in Victorville, which it intends to transition into affordable housing.

The Mogharebi Group announced that it arranged the $8.5 million sale of the 60-unit multifamily Northport Apartment at 14243 Rodeo Drive, just east of Doris Davies Park.

Northport is situated between Green Tree Boulevard and Seneca Road, and west of Hesperia Road.

Northport consists of two-bedroom, two-bathroom floor plans housed in seven two-story residential buildings on a 3.26-acre site, according to county officials.

Community amenities at Northport include a swimming pool, covered parking, laundry facility, gated /controlled access, and rentable storage areas. The complex was 96% leased at the time of closing, group officials said.

Mogharebi Group Executive Vice President Otto Ozen, who represented the seller, Inland Empire Private Investment Group, said the ability to assume the existing debt at a fixed rate of 3.31% with significant terms remaining resulted in an extremely competitive bidding process.

The seller generated 18 offers from a wide variety of bidders, ultimately selecting the county, which will add Northport to its pool of affordable housing properties in the region, group officials said.

“It’s always exciting when we can increase the number of affordable homes in our communities,” said county housing Deputy Executive Director Rishad Mitha. “By acquiring Northport, we are able to provide a safety net for residents to ensure their homes remain affordable long-term.”

Founded in 2015, The Mogharebi Group is one of the leading multifamily brokers in California, according to real estate research and advisory firm Green Street.

The organization has been involved in closing almost 10,000 units in the Inland Empire, with a total value nearing $2 billion.

Daily Press reporter Rene Ray De La Cruz may be reached at 760-951-6227 or RDeLaCruz@VVDailyPress.com. Follow him on Twitter @DP_ReneDeLaCruz

This article originally appeared on Victorville Daily Press: County to convert Victorville apartments to affordable housing