Waterton Buys Inland Empire Community
The asset last changed hands in 2016 for $142 million.
Waterton has acquired Terracina, a 736-unit community in Ontario, Calif., from Bridge Investment Group. The property last traded in 2016 for $142.1 million when it was bought from MG Properties Group, according to Yardi Matrix data. The asset will be rebranded as Citrine Hills.
Built in 1989 and spanning 41.3 acres, Terracina is a 46 building, two-story community that encompasses one- and two-bedroom apartments, averaging 874 square feet. The renovated interiors will feature vinyl plank flooring, stainless steel appliances, quartz countertops, new cabinets and washers and dryers in all units. Common-area amenities include four swimming pools, two jacuzzis, two fitness centers, two soccer fields, two dog parks, outdoor barbecue areas, a tennis court and a business center, among others.
Located at 3303 S. Archibald Ave., the property is approximately 42 miles from Los Angeles and has access to the western side of Interstate 15. Dining and retail options are available in the surrounding area along South Archibald Avenue and East Riverside Drive. Ontario International Airport is 4.5 miles away.
Terracina is situated in the Ontario Ranch master planned community, a development that will include 16 million square feet of commercial space, eight schools, a park and 1,000 acres of new public open space.
Inland Empire’s multifamily market has seen a recovery in 2021, recording $2.2 billions in sales with 1,803 units under construction as of January.