ONTARIO, CA-GlobeSt.com has exclusively learned that JH Real Estate Partners has purchased the Colony, a class A apartment community here for $22.1 million. The seller was JH Snyder Co.
Jones Lang LaSalle managing director Joe Leon, VP Javier Rivera, and EVP Darcy Miramontes along with analyst Zach Rivas, led the JLL team on the transaction. “Our knowledge of the local market enabled us to locate a buyer who understood that this was an opportunity to acquire a class A, newly constructed property at the beginning of the real estate cycle,” Leon says.
He tells GlobeSt.com that “the Inland Empire has experienced explosive population growth, averaging over 100,000 new residents per year since 2000 and projected to continue expanding at 6.31% annually through 2016.” He adds that “Ontario has historically enjoyed an apartment market with extremely strong occupancy. During the last four years, Ontario’s apartment market occupancy remained at 93% or more. Today, REIS reports an Ontario apartment occupancy of 96% with forecast high occupancy through 2013.” He adds that “No new Ontario apartment units are slated for construction in 2012.”
The Colony, which was developed in 2009, is located within Downtown Ontario’s revitalization district, providing immediate access to abundant retail and restaurant amenities. Units are well designed with open kitchens, spacious living rooms and courtyards or balconies. The two bedroom units are double master residences providing both privacy and a shared entertainment suite, black appliances, glazed countertops, vaulted ceilings and balconies. Community amenities include a furnished clubhouse, a business center, and a large newly furnished fitness center. The interior park-like courtyard of the property allows for a tranquil and comfortable experience with access to an oasis style pool and BBQ lounge area. It is currently 93% occupied.
“This Colony sits in the heart of Ontario’s emerging downtown Euclid neighborhood and benefits substantially from the area’s transformation, with the newly renovated public library and civic center,” Leon adds.