X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HUNTINGTON BEACH, CA-A Huntington Beach-based real estate firm has sold a 200-unit multifamily complex in Fontana, as the Inland Empire’s apartment market has started to heat up.

The Citrus Gardens apartment complex has been acquired for $10.4 million. The seller, Ishino Real Estate, paid $7.2 million for the property when it purchased the complex two years ago. The site, which stands at 8600 Citrus Ave., was 98% occupied at the time of the sale.

Ishino Real Estate was represented by John Kalmikov and Bill Roblero of Grubb & Ellis’ Ontario office. The two also negotiated for the buyer, LA-based investment firm Oracle Communities Corp.p>The deal follows on the heels of an announcement by Irvine-based developer Sares-Regis Group that it will build a 272-unit apartment complex in Rancho Cucamonga. The $37 million development, known as Camino Real, will rise on a 20-acre parcel that Sares-Regis purchased in May. Ground-breaking on the project is slated for October.

The Inland Empire’s apartment market has been heating up in recent months, as demand for multifamily product exceeded 2,500 units last year. The region has been named one of the top 10 tightest multifamily markets in the nation, according to a recent report published by Grubb & Ellis.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.