Inland Empire Community Sells for $42M
- Jan 16, 2019
Advanced Real Estate Services has purchased Mountain Summit Condominiums, a 194-unit garden-style community in Ontario, Calif., for $42.3 million. Berkadia brokered the sale on behalf of the seller, TruAmerica Multifamily, based in Los Angeles.
Situated at 1352 W. 5th St., the community is near Interstate 10, approximately 35 miles from downtown Los Angeles and 26 miles from downtown San Bernardino. Additionally, the property is located within 7 miles of Ontario International Airport. Constructed in 1973, the 13-building Mountain Summit Condominiums occupies 8 acres and comprises a mix of one-, two- and three-bedroom units, averaging 858 square feet. The units feature walk-in closets, balconies, microwaves and garbage disposals. Communal area amenities include:
- fitness center
- business center
- courtyard and picnic area
“With tremendous job growth, low vacancy rates and very little development, the Inland Empire continues to be a favorable investment environment for both buyers and sellers,” said Jim Fisher, managing director at Berkadia, in prepared remarks.
Berkadia’s team included Fisher, Managing Director Jeff Rowerdink and Senior Director Mike Smith. The firm also arranged the sale of Camel Woods, a 314-unit community in Carmel, Ind.
Image courtesy of Yardi Matrix