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RANCHO CUCAMONGA, CA-The Hanover Real Estate Fund LLC, affiliate of Los Angeles-based Hanover Financial Co. has acquired the 624-unit Mountain Vista Apartments in a joint venture with Beverly Hills-based Kennedy Wilson International and plans to upgrade the project near the Ontario International Airport. Hanover says the partnership will rehabilitate and upgrade the complex’s interiors, common areas and exterior over a 12-month period. The property, at 10300 and 10400 Arrow Route, was purchased from Fore Properties, which consisted of a syndication of the original developers. The complex was 95% occupied at the time of the sale. Sean Deasy of CB Richard Ellis in Ontario represented Hanover, with Fore represented in-house by Ellen Richwine. The purchase was financed through a $60.2 million first mortgage from Wachovia Securities, with the loan originated and underwritten by Troy Tegeler of L.J. Melody. Built in two phases between 1986 and 1988, the project is a garden style, walk-up, apartment complex consisting of 48 two- and three-story buildings situated on 27 acres. Amenities include four swimming pools, three spas, four tennis courts, a clubhouse, a fitness center and four laundry facilities. Project upgrades will include adding new children’s play areas, new pool furniture and pool decking, a jogging trail, new garage doors, new signage and landscaping, a new business center, a new fitness center, a new digital theatre in the second clubhouse, picnic areas, a sports court and security gates. Unit upgrades will include new painting, new appliances, new countertops, floor coverings, kitchen cabinet doors and new lighting and unit finishes.Hanover’s investment was in part based upon the positive dynamics in the Los Angeles, San Bernardino and Riverside Counties’ multi-family markets, says Michael Lowinger, a managing partner of Hanover Financial Co. Lowinger says Hanover remains “very bullish” on apartment projects in Southern California, especially projects in in-fill submarkets like the Rancho Cucamonga site. Mountain Vista Apartments represents the 12th joint venture between Hanover and Kennedy Wilson. Since 1999, joint ventures between the two firms have acquired more than 1,500 apartment units in Southern California. The project will be managed by Kennedy Wilson’s West Coast Acquisition and Asset Management Group.

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