Advanced Real Estate Pays $56 Million for Ontario Multifamily Complex
The Mogharebi Group (TMG) arranged the $56,175,000 sale of Casitas Apartment Homes, a 253-unit Inland Empire multifamily community located at 1900 South Campus Ave. in Ontario. EVP Otto Ozen and VP Jordan Pakzad represented the seller, a private Los Angeles owner. The buyer was Orange County-based Advanced Real Estate.
The buyer assumed the property’s in-place loan at a below-market interest rate of 3.11%. Built in 1963, the community’s expansive site coverage and single-story design enhance operational efficiency while appealing to a broad renter base, according to TMG.
“The Casitas property is a perfect fit for our unique ‘X Fund’,” said Paul Julian, president of Advanced Real Estate. “We were able to trade into this property with the equity from 13 smaller assets that were brought into the Fund (via 721 contributions) in 2023. Those contributing partners now have interest in this institutional-sized asset which will yield much higher returns than their contributed smaller properties.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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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