Waterton Closes 482-Unit Inland Empire Deal
The firm will continue capital improvement work at the property.
Waterton has acquired Reserve at Chino Hills, a 482-unit asset in the Inland Empire. Decron Properties Corp. previously owned the property, according to Yardi Matrix data.
The then 440-unit community previously traded in 2014 for $82.3 million, the data provider shows. In 2018, Decron wrapped up a $10 million renovation program at the 1987-built property, clocking in at about $21,000 per unit.
Five years ago, the property became subject to a $108 million loan originated by TIAA, according to the same source. In 2024, 42 newly constructed rental townhomes were added to the community, bringing the total unit count to 482.
Waterton plans to continue the value-add strategy, and, according to a JLL listing, approximately 72 percent of the units are positioned for renovations. Plans call for new flooring, appliances, quartz countertops and cabinet upgrades, in addition to lighting and plumbing fixtures, among other enhancements. Amenities are set to receive new furnishings and fixtures.
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Reserve at Chino Hills totals 46 buildings with studio, one- and two-bedroom layouts inside the garden-style portion, as well as three-bedroom floorplans in the new townhome addition.
Current amenities include a 2018-built clubhouse consisting of a gym, a lounge, a game room, coworking spaces and a children’s room. The property also features three swimming pools renovated eight years ago by Decron.
Located on 20 acres at 4200 Village Drive, the community is at the westernmost point of the Inland Empire, near the border of San Bernardino, Los Angeles, Riverside and Orange counties. More than 1 million square feet of retail space can be found within walking distance.
One of the U.S.’s largest value-add funds at work
This acquisition exhibits the value-add approach of Waterton, which had roughly $10 billion in real estate assets at the end of June. The company closed Residential Property Venture XV in 2024 with $1.7 billion in commitments, marking one of the then-largest value-add investment vehicles in the U.S.
Utilizing the fund, Waterton planned to invest some $5 billion, including debt, across 30-40 multifamily acquisitions. Among the company’s latest value-add deals is the June acquisition of the 358-unit Landings at Pembroke Lakes in Pembroke Pines, Fla., and the February purchase of Misora, an asset in Silicon Valley consisting of 212 apartments.
