June 3, 2016
San Diego-based MG Properties Group and affiliates of New York-based Rockwood Capital, LLC sold Terracina, a multifamily property located in Ontario, CA, to an undisclosed buyer for $142 million. The transaction is believed to be the largest ever of a single multifamily property in the Inland Empire.
The 736-unit garden style apartment community was built in 1988 and is located near Ontario International Airport and the burgeoning Eastvale community. The property was acquired in a joint venture between MG Properties and an affiliate of Rockwood Capital in January 2013 for $95 million.
The Harris Group at Institutional Property Advisors’ Kevin Green and Greg Harris represented the sellers.
MG Properties Group’s Mark Gleiberman says, “Terracina was a great investment for our partnership with Rockwood Capital. It is a well-located property that still offers excellent potential for the buyer.”