FONTANA, CA—Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Cielo Vista, a 120-unit apartment complex built in 2008 in Fontana, Calif. The terms of the sale were not disclosed.
IPA executive vice president investments Ronald Harris, IPA director Joseph Smolen, and Marcus & Millichap senior vice president investments Alexander Garcia Jr. advised the seller, Phoenix Realty Group. Harris, Smolen, Garcia and vice president investments Steve Hsu of Marcus & Millichap represented the buyer, a Southern California-based private investor.
“As the only 100-plus unit market-rate asset built in this submarket since 1989, Cielo Vista is indisputably a best-in-market asset,” says Harris.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
