Foreign Investor Makes First Multifamily Buy, Pays $17 Million for The Willow Townhomes
An Asian industrial real estate investor closed on the 39-unit, high-end Willow Townhomes in Ontario, CA. The buyer shook hands with the property’s seller and developer, 221 N. Mountain Ave. Holding LLC, on the $17.4 million transaction. The price-per-unit was the highest recorded in the city of Ontario.
CBRE’s Eric Chen, Blake Torgerson and Kevin Sin represented the seller. The financing consisted of cash and a new first loan through East West Bank.
Torgerson told ApartmentBuildings.com that the buyer already owned industrial properties, and the Willow Townhomes was its first apartment acquisition. “The seller is a merchant developer,” he added. “They’re primarily known as luxury home builders in and around the San Gabriel Valley.”
The recently completed, 100%-occupied Willow Townhomes, at 221 N. Mountain Blvd., offers one- and two-bedroom units averaging 998 square feet. Amenities include private garages with EV charging stations, in-unit laundry facilities, controlled access, a picnic area with barbecue facilities and built-in yard games.
According to Torgerson, the CBRE team collaborated with the seller early in the townhome’s development process to determine the market rents. “We then collaborated with the seller’s management company, Cannon Management, to ensure everyone was on the same page and that our projections were achievable.” He noted that the CBRE team is working with Cannon Management on similar projects.
CBRE’s marketing process generated eight tours and three offers within two weeks. Torgerson said the buyer was selected because it offered the best price and terms.
The Inland Empire, in general, is underserved when it comes to luxury apartments. “However, Ontario has a very good vision, and the city planning department is working hard to make the city a highly sought-after place to call home,” Torgerson said. “We think Ontario will see more high-end living come to fruition.”
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout