A large apartment complex in the Inland Empire has changed hands for a whopping $227 million.
Maryland-based ASB Real Estate Investments and Orange County-based multifamily developer Western National Group bought a 521-unit rental complex in Rancho Cucamonga, the firms announced.
The seller, Chicago-based Mesirow Financial, bought the property in 2016 for an undisclosed sum, records show. ASB made the acquisition through its $7.4 billion core fund, which allows endowments, foundations and offshore institutions as investors.
Built in 2001, the property includes a pool, outdoor movie theater, game room and fitness center. More than 80 percent of the apartments at the complex have been renovated, the buyers said, adding that they plan to undergo additional renovations to “generate further income growth.”
ASB is focused on expanding its multifamily portfolio by investing in properties across U.S. suburban markets, according to vice president Kavita Mathews. The firm has spent $462 million on multifamily buys since 2018.
Apartment prices in the Inland Empire have soared this year, amid falling vacancy rates and rising demand. Though the Inland Empire is better known for its industrial properties, average rents in the first quarter of this year increased 8.4 percent year-on-year to around $1,662 per month — the region’s highest such increase in more than two decades.