Cielo Vista Apartments, 1524 Rialto Ave., Fontana, CA
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| Ronald Z. Harris |
FONTANA, CA, April 24, 2013 – Institutional Property
Advisors (IPA), a multifamily brokerage division of Marcus & Millichap
serving the needs of institutional and major private investors, has arranged
the sale of Cielo Vista, a 120-unit apartment complex built in 2008 in
Fontana, Calif. The terms of the sale were not disclosed.
IPA
executive vice president investments Ronald Z. Harris, IPA director Joseph
Smolen, and Marcus & Millichap senior vice president investments Alexander
Garcia Jr. advised the seller, Phoenix Realty Group.
 |
| Joseph Smolen |
Harris, Smolen,
Garcia and vice president investments Steve Hsu of Marcus &
Millichap represented the buyer, a Southern California-based private investor.
“As the only 100-plus unit market-rate asset built in this
submarket since 1989, Cielo Vista is indisputably a best-in-market asset,” says
Harris.
“As such, the property will serve as a standard-bearer for
luxury for-rent product in the surrounding market area for years to come,” adds
Garcia.
 |
| Alexander Garcia Jr. |
“Due to its position in the submarket as the only fully
amenitized core housing, Cielo Vista is positioned to benefit from strong
operations and robust projected rent growth,” Smolen concludes.
Located at 1624 W. Rialto Ave., the property has
convenient access to interstates 10 and 210.
 |
| Steve Hsu |
Situated on 6.2 acres, the 109,344-square foot Cielo Vista
provides its residents with a low-density environment and an open residential
feel.
The six-building apartment complex features spacious one-
and two-bedroom units that average approximately 879 square feet.
The units feature in-home washer/dryers, fully equipped
kitchens, walk-in closets, nine-foot ceilings, in-home storage and large
private patios or balconies.
The amenities package includes a resort-style swimming pool,
hydrotherapy spa, state-of-the-art fitness center, executive business center
with Wi-Fi, a playground and barbecue area, and controlled access gates.
For a complete copy
of the company’s news release, please contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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