December 20, 2018
Villa Plaza, a 66-unit senior community in Ontario, CA, has sold for $9.4 million. The buyer was an undisclosed San Gabriel Valley private investment group. The transaction works out to $141,818-per-unit, or $268-per-square-foot.
Built in 1970, Villa Plaza is a two-story apartment community with six residential buildings totaling 34,975 rentable square feet, situated on a 1.2-acre site at 1155 West 4th St. The property features one and two-bedroom units, and also has a clubhouse with full kitchen, laundry facilities, covered parking and controlled access.
The Mogharebi Group’s Otto Ozen, Bryan LaBar and Alex Mogharebi represented both the San Diego-based private investor seller, and the buyer.
Ozen says, “Due to the low price per unit and location, the buyer pool was large. The property represented a great value with solid upside that required a special buyer to realize its full potential.”
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