Search Results

Foreign Investor Makes First Multifamily Buy, Pays $17 Million for The Willow Townhomes

Transactions of the Week| Amy Wolff Sorter

California & West + Apartment Buildings

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.”

Other Transactions of the Week

Chicago Fund Sells 998-Bed Student Housing Portfolio in Upstate New York for $90 Million

New York & Tri-State + Student Housing

Pictured above: Block 20, Amherst, NY OC Ventures, a student housing private equity fund, sold a two-property, 998-bed student housing portfolio in Upstate New York. The Chicago seller traded the assets for $90 million to BDC Holdings Inc., the parent company of The BDC Group. The BDC Group has offices in White Plains and...

Learn more

DSF Group Secures $166M in Financing for One of DC Metro’s Largest Multifamily Acquisitions

Washington DC + Apartment Buildings

DSF Group of Boston obtained $165.9 million in financing to acquire the 678-unit Town Square at Mark Center in Alexandria, VA. Marcus & Millichap IPA Capital Markets’ Cameron Chalfant and Brian Eisendrath, along with Evan Denner of Marcus & Millichap Capital Corp., arranged the fixed-rate, 35-year amortization, 70% LTV acquisition loan with Freddie Mac through...

Learn more

Owner Ends Long-Term Hold on 112-Unit Rancho Las Palmas, Sells for $18 Million

Phoenix & Southwest + Apartment Buildings

Pinnacle Holdings of Florida Inc. concluded its 30-year hold on Rancho Las Palmas, a 112-unit multifamily property in Tempe, AZ. The Boca Raton company sold the property at 1249 E. Spence Ave. to Phoenix-based Rincon Partners Ltd. for $18 million ($160,714 per unit). The sale was facilitated by ABI Multifamily’s Phoenix-based Institutional Arizona Team—Alon Shnitzer,...

Learn more