IPA Arranges Record-Breaking Sale of Terracina Apartments in Inland Empire
- Jun 09, 2016
Ontario, Calif.– The recent sale of the Terracina community in Ontario is the largest transaction ever completed for a multifamily property in the Inland Empire. MG Properties sold the property along with joint venture partner Rockwood Capital for $142 million. The price per-unit comes in at roughly $193,000, well above the national average PPU which ended 2015 at roughly $117,000.
Located at 3303 South Archibald Ave. in the Ontario Ranch master-planned community, Terracina offers 736 garden-style residences. The property consists of two land parcels that total 41 of the 8,200 acres that make up Ontario Ranch.
The transaction was arranged by Institutional Property Advisors, a division of Marcus & Millichap. IPA Senior Director Greg Harris, along with Executive Director Stewart Weston, Senior Directors Kevin Green, Alexander Garcia Jr., Joseph Grabiec and Christopher Zorbas, as well as Director David Sperling, and Associate Director John Montakalb represented the seller.
Establishing a new record price for Inland Empire is indicative of the state of the current market. Solid developments in the retail industry have boosted jobs in recent years, stimulating the need for more housing. That corroborated with the affordable housing option that it provides for those who work in the L.A. metro, have translated into continued growth for the area’s multifamily market.
Image courtesy of MG Properties