December 19, 2016
Beverly Hills, CA-based GH Palmer Associates acquired a 21-acre land parcel in Ontario, CA from Craig Development Corp. for $23.5 million. The multifamily owner plans to develop the Paseos at Ontario, an 800-unit luxury apartment community.
Construction is expected to begin next month on the site located on Inland Empire Blvd. at the Meredith International Centre. Units are slated to be completed and ready for occupancy by Q4 2017.
Lee & Associates’ Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith represented both parties.
Noble notes, land prices in this area are rapidly increasing. “Meredith International Center continues to attract large entities. QVC Shopping Network, Water’s Audi, and another soon to be announced automotive dealership are already part of the Center, in addition to G.H. Palmer,” which had been looking at developing a project in the Ontario area.
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