ASB, Western National Pay $227M for Inland Empire Asset

The buyers plan to continue upgrading the property in Rancho Cucamonga, Calif.
Solamonte. Image courtesy of ASB Real Estate Investments

Mesirow Institutional Real Estate Direct Investments has sold Solamonte, a 521-unit garden-style community in Rancho Cucamonga, Calif., for $227 million. ASB Real Estate Investments teamed up with Western National Group to acquire the asset, which was 98.5 percent occupied.

The property, previously known as AMLI at Empire Lakes, last traded in 2016, when the current seller purchased the community for $130 million, according to Yardi Matrix. Mesirow had financed that acquisition with a $81.5 million loan from AXA Equitable Life Insurance Co.

Ongoing improvements in a hot market

Located on 20.5 acres at 9200 Milliken Ave., the 12-building community features one-, two- and three-bedroom apartments with floorplans averaging 934 square feet. Mesirow recently completed renovation work at the 2001-built property, upgrading 80 percent of the units. The new owners plan to continue updating the asset.

Solamonte has a variety of outdoor amenities, from a movie theater to a saltwater swimming pool with poolside cabanas and grilling areas. The property also includes a club lounge, fitness center and game room equipped with billiards tables and arcade games.

The community is less than a mile from a Metrolink station and has easy access to interstates 10 and 15. Two major shopping centers—Victoria Gardens Mall and Ontario Mills—and Ontario International Airport are within 3 miles of Solamonte, with downtown San Bernardino 15 miles east.

Inland Empire was among the top multifamily markets for rent growth through June, according to Yardi Matrix data. The metro has benefited from positive migration trends amid price points significantly lower than in nearby Los Angeles.

ASB and Western National’s acquisition is only the latest in a number of major transactions to close in the market this year. In August, Tower 16 Capital Partners expanded its Inland Empire presence with the purchase of 504 units in Moreno Valley, Calif. The company paid more than $107 million for the two communities.