(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
ONTARIO, CA-Archstone has sold Archstone Terracina, a 736 one- and two-bedroom complex here for $95 million. The buyer of the two-story walk up community was MG Properties.
The property is located at 3303 South Archibald Ave. and is adjacent to the San Bernardino Mountains. It offers residents convenient access to the Interstate 10, Interstate 15, State Route 60, the Ontario International Airport, shopping and business centers, according to a prepared release.
Cushman & Wakefield‘s multifamily advisory group led by Ed Rosen and John Chu represented the seller. According to Rosen, “Terracina was an accretive investment with today’s low-interest rate financing.”
Archstone Terracina was built in 1988. The complex sits on just over 41 acres. The complex offers four pools, spa and sauna, four tennis courts, racquetball court, fitness center and detached garages.
GlobeSt.com could not reach Cushman & Wakefield for further information at this time, so we spoke with Joe Leon, managing director of Jones Lang LaSalle, who was not involved in the deal on the multifamily market in the area. He notes that “Ontario is one of Southern California’s fastest growing cities with a current population of 165,557 and a projected population growth of 6.6% by 2016.”
According to Leon, Ontario “is the forerunner in the economic recovery within the Inland Empire showing fundamental signs of improvement. Ontario has historically enjoyed an apartment market with extremely strong occupancy.”
During the last four years, Leon explains, 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.”