Over the last year, Southern California has seen a significant number of multifamily properties trade hands. In one transaction that closed on Dec. 30, an entity linked to Sudheer Donthineni acquired the Wilson Garden Apartments in Banning, Calif. for $12.25 million, or approximately $177,536 per unit. The property was sold by an entity affiliated with Jian Chen, according to public records.
Wilson Garden Apartments is located at 5001 & 5059 W. Wilson St. and includes 69 apartment units located across six two-story buildings. Built in 1976, the buildings total 58,330 square feet and are situated on a 2.36-acre plot of land.
The apartments offer a variety of unit types, including studio, one-bedroom, two-bedroom and four-bedroom units. Apartments.com also shows that the property features a number of amenities, such as onsite laundry facilities, a pool and spa.
Located in Banning, the apartment building is situated in Riverside County just north of Interstate 10. The property is also just south of the San Bernardino National Forest and a short drive from nearby retail amenities in neighboring Beaumont.
In general, the Inland Empire has seen several similar deals in recent months. In one deal that closed in December of 2022, Green Village Townhomes in San Bernardino traded for $13.05 million, or about $186,428 per unit, according to previous reporting from The Registry. The 70-unit community is located at 2443 N. Windsor Dr. and was acquired by an entity affiliated with Neil Doshi.
In another recent deal, the Sunnyview Villa Apartments in Palm Springs sold for $11.25 million, according to The Mogharebi Group, which brokered the deal. The affordable housing property is located at 2900 N. Indian Canyon Dr. and consists of 44 apartment units.
