LOS ANGELES – October 3, 2017 – Berkadia is pleased to announce the recent $35.05 million sale of Metro 102 Apartments, a 160-unit, multifamily garden-style property in Ontario, California. Managing Director Jim Fisher and Senior Director Mike Smith of the Los Angeles office and Managing Director Joe Leon of the Irvine office represented the seller, TruAmerica Multifamily, also based in Los Angeles. Fisher and Smith previously sold the asset, formerly known as The Colony, to TruAmerica in 2015. The asset was purchased by a California based investor, capitalized primarily with foreign investment money.
“The quality construction and strong downtown Ontario location attracted a very deep Buyer pool,” said Fisher. “The interest in Metro 102 and the pricing fundamentals show the continued confidence of investors in the Inland Empire.”
Metro 102 Apartments is an affordable apartment community built in 2009 on a podium garage, and the tenant base is bolstered by the continued industrial growth in the Greater San Bernardino County. Located at 102 N. Lemon Ave. in the heart of downtown Ontario, the property is adjacent to City Hall, Ontario Town Square and the main drag of Euclid Avenue and affords convenient access to Ontario Milles Mall, Ontario Airport and the county’s growing job base.
“Buyers were attracted to the property’s outstanding construction type and the opportunity to purchase the asset below replacement cost,” said Smith.
“The property maintains an occupancy level over 98 percent and benefits from the tremendous industrial growth in Ontario,” Leon added. “In the past six years, we’ve seen roughly 25 million square feet of new construction added to the area.”
The property features one-and two-bedroom floorplans with alarm systems, ceiling fans, extra storage, hardwood floors, vaulted ceilings, and walk-in closets. Community amenities include a resident lounge with a pool table, a swimming pool, a gym and a relaxing courtyard.