Inland Empire Deal Sets Record
- Jun 07, 2016
Ontario, Calif.—Terracina Apartment Homes, a 736-unit property in Ontario, Calif., has traded for $142 million, or about $193,000 per unit. The sellers, MG Properties Group and affiliates of Rockwood Capital LLC sold it to an unspecified private buyer.
According to the sellers, the transaction is the largest ever of a single multifamily property in the Inland Empire. One of the largest multifamily communities in the region, the property is located on two parcels totaling 41.3 acres at 3303 South Archibald Ave., within the borders of Ontario Ranch, an 8,200-acre master-planned community.
Terracina is also between the Ontario International Airport and the Eastvale community, with access to the I-15. The garden-style apartment community was built in 1988 and features a resort-style pool, spa, lounge, and fitness center.
MG Properties Group acquired the property in January 2013 in a joint venture with an affiliate of Rockwood Capital. The sellers were represented by Kevin Green and Greg Harris from The Harris Group at Institutional Property Advisors, a division of Marcus & Millichap.
“The investment appeal of this asset is driven by stable operations, economies of scale provided by the asset size, upside through the expansion of the interior renovation program implemented by prior ownership, and the opportunity for substantial amenity improvements,” noted Green.