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| Terracina Apartments, Ontario, CA |
ONTARIO, CA – Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has provided representation in the
sale of Terracina Apartments, a 736-unit multifamily property located in
southeast Ontario. The sales price of $95 million equates to $130,000 per unit.
IPA
executive vice president investments Greg Harris and directors Kevin
Green and Joseph Grabiec advised the buyer, MG Properties Group, a
private San Diego-based real estate investor and operator in a partnership with
Rockwood Capital. The seller is an Archstone affiliate.
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| Greg Harris |
“Investors in the Inland Empire apartment market this year will be in an
excellent position to benefit from the robust apartment market recovery that
began here in late 2010,” says Harris. “The area is on track to record one of
the largest vacancy declines in the nation.”
“Terracina Apartments’ prime Ontario location provides
residents with access to major employment centers in Los Angeles and Orange,
San Bernardino and Riverside counties,” adds Green. “Renewed job growth in
these areas places the property in an excellent position to experience high
occupancy and increased revenue.”
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| Kevin Green |
“Terracina also provides the new owner with the ability to
enhance rents through capital improvements,” concludes Grabiec.
The apartment complex is located at 3303 South Archibald
Ave. in Ontario near the Ontario Mills shopping mall and within proximity of
the LA/Ontario International airport. It is also within 10 minutes of Ontario’s
industrial/warehousing district, which is a major local employment center.
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| Joseph Grabiec |
Terracina
Apartments was built in 1988 on 41 acres featuring numerous streams and water
features. Community amenities include controlled access gates, four swimming
pools, two spas, four lighted tennis courts, a well-equipped fitness center,
indoor racquetball courts, laundry facilities, covered parking and garages.
Units include full-size washers and dryers or washer and
dryer connections, wood- burning fireplaces, abundant closet and storage space,
private patio or balcony and bay windows.
For a complete copy of the company’s news release, please
contact:
Public Relations
(925) 953-1716
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