Clear Capital Sells in Inland Empire

Clear Capital has sold Rancho Vista Apartments, a 125-unit community in Ontario, Calif., to Convenient Holdings, for $46.3 million, or $370,000 per unit. Institutional Property Advisors arranged the sale on behalf of the seller and procured the buyer.

Clear Capital acquired the asset in 2016 from Nuveen Real Estate for $26.8 million, according to Yardi Matrix information. Fannie Mae facilitated the transaction with a 10-year, fixed-rate $18.9 million loan. In 2018, the property became subject of another $20.2 million Fannie Mae loan, the same data provider shows.

Completed in 1984, Rancho Vista Apartments is at 1037 N. Archibald Ave., encompassing 18 buildings across an 8.6-acre site. Its two-story townhouses have two- and three-bedroom layouts measuring an average of 1,022 square feet. The community features a fitness center, swimming pool with sun deck, picnic area, private yards, children’s park, basketball court and laundry facilities.

The property is at the traffic intersection between Fourth Street and Archibald Avenue, near interstates 10 and 15. The Cucamonga-Guasti Regional Park is adjacent to the community. Ontario International Airport is less than 1 mile south and Ontario Mills Mall is 3 miles east.

Recent IPA deals

Institutional Property Advisors Executive Managing Directors Alexander Garcia Jr., Chris Zorbas, Kevin Green and Gregory Harris, alongside Senior Vice President Kyle Pinkalla and Executive Director Joseph Grabiec, brokered the sale.

Harris, Green and Grabiec recently arranged another transaction, on behalf of Kennedy Wilson. The company sold a multifamily asset in Santa Maria, Calif., for $116 million. The deal marked the largest multifamily asset trade in the history of Santa Barbara County, as far as unit count and sale price.