Saturday, June 4, 2016

MG Properties Group Sells 736-Unit Terracina Apartment Community in Ontario, CA for $142 Million in the Largest Single Property Multifamily sale in Inland Empire History

Mark Gleiberman
Ontario, CA – MG Properties Group, a private San Diego-based real estate investor and operator, and affiliates of Rockwood Capital, LLC, have announced the $142 million dollar sale of Terracina, a multifamily property located in Ontario, CA. The sale is the largest ever of a single multifamily property in the Inland Empire.

The 736-unit garden style apartment community was built in 1988 and features a resort-style pool, spa, lounge, and fitness center.  

The property is located in south Ontario, CA between the Ontario International Airport and the burgeoning Eastvale community with convenient access to the I-15 and Highway 60 freeways, providing residents with a range of nearby retail amenities as well as accessibility to major job corridors throughout the Inland Empire and eastern Los Angeles County.

MG Properties Group acquired the property in January 2013 in a joint venture with an affiliate of Rockwood Capital.  The sellers were represented by Kevin Green and Greg Harris from The Harris Group at Institutional Property Advisors. 

According to Mark Gleiberman, MG Properties Group Founder and Chief Executive Officer, “Terracina was a great investment for our partnership with Rockwood Capital. It is a well-located property that still offers excellent potential for the buyer.”

For a complete copy of the company’s news release, please contact:

Katie Kea or Lexi Astfalk
  (949) 955-7940

No comments: