Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RANCHO CUCAMONGA, CA-Multifamily assets here and in San Bernardino are hot properties for lenders and buyers. The 358-unit, 44-building Jamboree Apartments was only 50% occupied, but the owners were able to get a $47 million loan with a 10-year term and 30-year amortization.

Meanwhile, the 192-unit Park Heights Apartments in San Bernardino has sold for $11.46 million, which represents a 6.9% capitalization rate. A Los Angeles-based investment partnership bought the 18-year-old multifamily asset, which is 95% occupied, from Capital Foresight Inland.

The Fannie Mae MBS/DUS mortgage on Jamboree Apartments closed four months after a low interest rate was locked, and after occupancy at the complex hit 90%. The sales price of Park Heights Apartments also was at $59,714 per unit and $77 per sf, which indicates there is an upside for the new owners, says Marcus & Millichap Real Estate Investment Brokerage Co. vice president of investments Alex Mogharebi. The property includes 96 one-bedroom and 95 two-bedroom apartments, ranging from 640 sf to 920 sf. The units rent from $503 to $795 a month.

The unit mix at Jamboree Apartments is 172 two-bedroom townhouses, 76 three-bedroom apartments, 76 three-bedroom townhouses and 34 three-bedroom plus den townhouses.

Andrew Mackay of Chicago-based Capri Capital, LP arranged the $47 million loan on Jamboree Apartments.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.