CHINO HILLS, CA-ING Clarion of New York has acquired a partnership interest in the Missions at Chino Hills, a luxury apartment complex, for 473 million on behalf of an ING fund. ING bought the interest from a partnership composed of Cornerstone Apartment Fund I, a fund advised by Cornerstone Real Estate Advisers LLC, and the Morgan Group Inc.
The Morgan Group will continue as a partner in the investment with ING Clarion and will remain as manager of the property. ING acquired the interest in a transaction brokered by Marc Renard of Cushman & Wakefield in Los Angeles.
The Missions at Chino Hills, at 3100 Chino Hills Parkway, comprises 15 three-story walk-up buildings occupying approximately 243,000 sf on 13 acres. The complex was developed in 2003 and is 100% occupied.
Richard Pink, managing director at ING Clarion, says that the investment appealed to ING because the property lies in one of the fastest-growing regions in the country, where "Supply is constrained due to a shortage of available land, an extensive entitlement process and strict city-enforced limits on new housing units." These factors create market conditions that are expected to drive rents, Pink adds.
Unit amenities at the new ING asset include gourmet-style kitchens, attached and detached garages, and patios and balconies. Property amenities include a resort style clubhouse, pool with spa, movie theater, fitness center and putting green.
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