A multifamily property located at 2575 North Steele Road, San Bernardino, was sold in a transaction that involved 70 units. The sale price was set at $31,800,000, which translates to a price per unit of $454,286. The asset represents a segment of the market experiencing rising vacancy rates and soft rent growth.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $31,800,000
• Units: 70
• Price Per Unit: $454,286
• Buyer: Davis Management
• Seller: Stephen Reeder - UCR Group
• Market: San Bernardino
• Note: The property was acquired during a period marked by rising vacancy at 6.3%, and an expanding cap rate of 5.9%.

The buyer, Davis Management, has targeted smaller assets with potential upside amid broader market pressures. The seller, Stephen Reeder from UCR Group, previously owned the property, which was sold below the Inland Empire Q4 2025 average. The previous per unit price was noted at $197K, contrasting with current trends.