Berkadia Completes $35M Sale in SoCal
Metro 102 Apartments, an affordable apartment community in Ontario recently changed hands for $35 million. The purchase was capitalized primarily with foreign investment money.
By Evelyn Jozsa
TruAmerica has sold Metro 102 Apartments, a 160-unit, garden-style property in Ontario Calif., for $35 million. Jim Fisher, managing director and Mike Smith, senior director of Berkadia’s Los Angeles office and Joe Leon, managing director of the Irvine office represented the seller. JH Real Estate Partners previously sold the property to TruAmerica in 2015. The rebranded asset was sold to a California-based investor, funded primarily with foreign investment money.
Located at 102 N. Lemon Ave. in the heart of downtown Ontario, the building is close to the City Hall, Ontario Town Square and the main drag of Euclid Avenue and provides access to Ontario Miles Mall, Ontario Airport and the Inland Empire’s large employment centers. The continuous industrial growth in San Bernardino and Riverside counties led to a strong tenant base and fast paced rent growth.
Metro 102 Apartments is an affordable apartment community, constructed in 2009 on a podium garage. The property features one- and two-bedroom floorplans, with alarm systems, ceiling fans, extra storage, hardwood floors, vaulted ceilings and walk-in closets. Community amenities include a resident lounge with a pool table, a swimming pool, a gym and a courtyard.
“The property maintains an occupancy level over 98 percent and benefits from the tremendous industrial growth in Ontario,” mentioned Joe Leon, managing director of Berkadia’s Irvine-based office. “In the past six years, we’ve seen roughly 25 million square feet of new construction added to the area.”
Image courtesy of Berkadia