October 18, 2019 Comments Off on Newly-Built Community in Ontario Trades for Record Views: 470 California News, Inland Empire

Newly-Built Community in Ontario Trades for Record

 The Mogharebi Group (TMG) completed the record sale of Hallmark at Mission, a 75-unit multifamily community in Ontario, CA. Waterford Property Company paid $21.5 million for the four-story asset built in 2019 at 1201 W. Mission Blvd.

Waterford’s Sean Rawson says, “What makes this acquisition so exciting is that it is a new asset acquired near replacement costs with the ability to enhance value. We recognize what today’s renter wants in their home. That’s why we are going to elevate the property to attract young professionals and families as well as ensure this property reflects the signature brand of Waterford’s portfolio.”

Waterford plans to invest nearly a $1 million to further enhance the residences and amenities. Units include washers and dryers, and private garages. Common area amenities include a private clubhouse, library, business center, community room with kitchen, and fitness center. There’s also a pool and spa, outdoor entertainment lounge and fireplace, dining area with barbeques, and a private pet park.

TMG’s Alex Mogharebi, Otto Ozen and Mike Marcu represented the seller, an unnamed Inland Empire based developer, as well as the Newport Beach-based buyer. Ozen says, “At a price-per-square-foot of $355, this transaction represents a record for apartment communities in Ontario. The record setting price is attributable to several factors, including a lack of available new construction inventory, our proprietary exchange platform, the high quality of the asset, and strong rental growth in the submarket.”

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