RANCHO CUCAMONGA, CA-The Tuckerman Group of Purchase, NY has acquired two apartment complexes totaling 589 units from Fairfield Residential and Heitman Financial for $150 million in a deal brokered by Transwestern Multi Housing Capital Advisors. The properties are the 319-unit Meritage at Victoria Arbors and the 270-unit Chambray at Victoria Arbors, adjacent complexes near the Victoria Gardens shopping center.
Curtis Palmer, Herb Chase and Alex Quintana of Transwestern's MHCA arranged the sale on behalf of Fairfield Residential and Heitman Financial. Palmer tells GlobeSt.com that the two apartment complexes, which comprise 14 three-story buildings on an 11.3-acre site, were approximately 60% occupied at the time of the sale.
The two properties were built in 2005 and are described by the Transwestern team as some of the "best designed and amenitized apartment complexes in Rancho Cucamonga." Palmer calls the deal "a rare investment opportunity with remarkable potential for an apartment operator" in the Inland Empire, which "has evolved into the state's strongest economic engine."
Palmer's remarks echo what was said often when Real Estate Media hosted its first RealShare conference on the Inland Empire recently. The event drew 400 attendees and focused on the continuing growth that has added two million to the region's population and millions of square feet of development in recent years.
The Fairfield-Heitman joint venture that sold the apartments also developed the properties. The JV consisted of Fairfield Residential and a public pension fund advised by Heitman.
Chip Lauckhardt, chairman and CEO of the Tuckerman Group, cites the location of the properties near Victoria Gardens. He notes that the 1.25-million-sf open-air lifestyle shopping center has become the hub of Rancho Cucamonga's 160-acre town center.
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