March 31, 2020
Avison Young completed the off-market, $68-million sale of Arte, a 182-unit, luxury apartment community located at 10130 Foothill Blvd. in Rancho Cucamonga. The buyer was an affiliate of Encinitas, CA-based Providence Capital Group, Inc., while the seller was Santa Barbara, CA-based Fore Property.
Built in 2019 and situated on 4.41 acres near Victoria Gardens, the property consists of six, four-story buildings. The units offer 10 floorplans that include one, two, and three-bedroom units. On-site community amenities include an outdoor kitchen and BBQ fireplace, bar area, TV entertainment wall, fire tables, pool and spa, state-of-the-art two-story fitness center with spin/yoga room, dog park, and game room.
Avison Young’s Peter Hauser, Matt Hauser and Masa Ito represented the seller. The property closed at a price per unit of $373,626.
Hauser says, “Arte is a new high-quality multifamily asset located in one of the top rental markets of the Inland Empire.”
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