Fore Property Co. has sold Arte, a 182-unit luxury apartment community in Rancho Cucamonga, Calif., to an affiliate of Providence Capital Group in an off-market deal for $68 million, or $373,626 per unit.
Avison Young’s Peter Hauser, Matt Hauser and Masa Ito, all located in company’s Irvine, Calif., office, represented Fore and the buyer.
Fore completed the apartment community in 2019. The development, located on 4.4 acres at 10130 Foothill Blvd., consists of six, four-story buildings with one-, two- and three-bedroom units. The apartments feature a patio or balcony, washer/dryer, stainless steel appliances, quartz countertops, hardwood-style flooring and walk-in closets. Community amenities include an outdoor kitchen and BBQ fireplace, bar area, TV entertainment wall, fire tables, pool and spa, two-story fitness center with spin/yoga room, game room and dog park.
Located in one of the top rental markets in the Inland Empire, the property is a short drive from Victoria Gardens, a 147-acre lifestyle center with dining and retail options. Arte is also centrally located near the 210, 15, and 10 freeways and is less than 4 miles from the Ontario International Airport in Ontario, Calif.
In November, the same Avison Young group represented Cameron Properties and Barker Pacific Group in a $16.8 million portfolio sale in Azusa, Calif. Cameron sold two residential assets with 36 units each—The Riviera and Rainbow Gardens —to Barker Pacific.
Fore, a vertically integrated real estate firm that has developed and managed more than 25,000 apartment units across the United States, teamed up with Canyon Partners Real Estate in January to develop 19 South, a 384-unit multifamily project in Kissimmee, Fla. Canyon Partners invested $29.8 million of equity in the opportunity-zone project slated for completion in May 2022.
In July, Fore and PCCP LLC broke ground on a 352-unit multifamily community in Winter Garden, Fla. Also located near Disney World, the 16-acre development is scheduled for completion in late 2020.