Inland Empire Asset Changes Hands for $51M
The 156-unit property previously traded in 2002 for $11.4 million.
The Mogharebi Group has facilitated the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, Calif. A Los Angeles-based investor purchased the Class B property.
TMG worked on behalf of the seller, an Orange County-based family that had acquired the community back in 2002 for $11.4 million, according to Yardi Matrix data. In 2012, the property became subject to a $6.8 million Fannie Mae loan originated by Prudential Financial.
Completed in 1986, the community encompasses 11 buildings with one- and two-bedroom floorplans ranging between 704 and 1,108 square feet, Yardi Matrix shows. Amenities include a swimming pool, a spa, a tennis and pickleball court, two laundry facilities, controlled access and approximately 300 parking spaces.
Located at 3364 Honeybrook Way, the garden-style community is just south of Ontario International Airport. Kaiser Permanente Ontario Medical Center and Westwind Park are within a 5-mile radius of the property.
TMG Executive Vice President Otto Ozen, Senior Vice President Bryan LaBar and President Alex Mogharebi represented the seller in the transaction. The brokerage firm recently represented Positive Investments in the $15.8 million sale of a 142-unit community in South Sacramento, Calif.