META HOUSING BUYS 119-UNIT APTS., READIES FOR SR. HOUSING CONVERSION

SAN BERNARDINO, CALIF. — As part of a partnership with the City of San Bernardino’s Economic Development Agency, Meta Housing has purchased the 119-unit Sunset Cove Apartments, located near Ninth Street and Sierra Way at 830 Lugo Ave. in San Bernardino. NAI Capital’s Tim Steuernol represented the buyer in the transaction; the seller, 655 Dudley LP, a partnership between Paul Calvo & Co. and Milan Capital Management, represented itself. According to Steuernol, the buyer plans to relocate the current tenants, paying 42 months worth of relocation benefits, before completely rehabilitating the property and converting the units to affordable housing for seniors at an estimated cost of $18.5 million. Originally constructed in phases starting in 1958, the property was 50 percent vacant at the close of escrow.