Out-of-state investors continue to buy into multifamily real estate in the Inland Empire.
A Texas-based investor paid $23.9 million for a 55-unit townhome community in Ontario, the Commercial Observer reported.
MAG Capital Partners, based in Fort Worth, bought Charlmont Village townhomes at 1625 East G St., with plans to complete interior and exterior upgrades to the five-acre property.
The price per unit is about on par with other recent deals in the area, where the 319-unit Victoria Arbors sold last summer for $137.6 million, or about $431,000 per unit.
The five-acre Charlmont Village, a gated community, was completed in 1986 with a mix of two-, three- and four-bedroom townhomes that are two stories tall with private yards and attached two-car garages. The property also includes a swimming pool and clubhouse.
“It is no easy task finding good multifamily opportunities in Southern California,” Andrew Gi, principal at MAG Capital, said in a statement. “The community is in a well located and desirable neighborhood, and we look forward to bringing our vision to Charlmont Village.”
Judd Dunning of DWG Capital Group’s L.A. office structured the acquisition financing.
“Demand from investors to own multifamily assets in Southern California remains robust, and lending terms are competitive despite turmoil in the debt markets,” Dunning said.
Home prices hit record levels across six counties in Southern California last March, with the median price of a home in Riverside County rising 21.6 percent to $580,000 from a year earlier.
[Commercial Observer] – Dana Bartholomew