Chino Apartments Sell to Ohio Firm for $31M | SoCal Real Estate
Berkadia Completes $31M Sale of SoCal Property | Multi-Housing News
IRVINE, Calif. – November 15, 2018 – Berkadia today announced the recent $30.5 million sale of The Enclave at Town Square, a multifamily property in Chino, California. Managing Directors Jeff Rowerdink and Joe Leon of the Irvine, California office completed the sale on behalf of the seller, San Mateo, California-based Essex Property Trust, Inc. The buyer was Kingbell Capital Management, based in Columbus, Ohio, and the deal closed on November 6.
“The strong economic growth in the Riverside market is driving increasing demand for high quality housing in Chino,” said Robert Conn, Vice President at Klingbeil Capital Management. “We plan to make additional capital improvements to the property to make it even more desirable.”
“Klingbeil was the perfect buyer for this asset as they saw the upside in a 1989 building just down the street from Copperwood, another multifamily property already in their portfolio. Essex had maintained the property at a very high level, thus Klingbeil will have very little deferred maintenance going forward,” said Rowerdink.
The Enclave at Town Square features 124 units with one- and two-bedroom floor plan options that include dishwashers, microwaves, walk-in closets and fireplaces. Residents can enjoy community amenities such as a fitness center, a spa, a pool, a clubhouse, a barbeque area and a 24-hour on-site laundry facility.
Located at 11475 Central Ave., the property is halfway between the 60 Freeway and 10 Freeway, offering convenient access to all the employment centers in the Inland Empire and downtown Chino, which is less than three miles away.