Ironwood MF Fetches $100M

IRVINE, CA-Western National Realty Advisors, an affiliate of Western National Group, has acquired Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, CA, from JP Morgan for $100.875 million. The property, which consists of two separate, adjacent multifamily properties, will be operated as one community and managed by Western National Property Management.

The community is made up of one-, two- and three-bedroom units with class-A features like 9-ft. ceilings, central air conditioning and in-unit washers and dryers. Each property also includes such amenities as a clubhouse, pool and spa, outdoor fireplace and seating areas, as well as a fitness center. Located close to the 10 and 15 freeways, the San Bernardino Metrolink line and the Ontario International Airport, the community is in the heart of the master-planned Rancho Cucamonga, across from Ontario Mills Mall and the Empire Lakes Golf Course.