Texas investor pays $24M for 55 townhomes in Ontario

Five-acre Charlmont Village in line with recent comps

Los Angeles /
May.May 06, 2022 04:45 PM
 MAG Capital Partners' Andrew Gi with Charlmont Village townhomes, 1625 East G St.,, Ontario (Mag Capital Partners)
MAG Capital Partners’ Andrew Gi with Charlmont Village townhomes, 1625 East G St.,, Ontario (Mag Capital Partners)

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





    Related Articles

    arrow_forward_ios
    CIM Group’s co-founder Shaul Kuba and Zurich Insurance’s CEO of North America Kristof Terryn with the property at 8820 South Sepulveda (Zurich, Google Maps)
    CIM Groups sells apartments near LAX to Swiss investor
    CIM Groups sells apartments near LAX to Swiss investor
    Assemblymember Cristina Garcia (Wikipedia, iStock)
    Golf course housing bill dies on the green
    Golf course housing bill dies on the green
    23826 Malibu Road (Redfin)
    Luxe test case as Malibu listing returns to market with 21 percent hike
    Luxe test case as Malibu listing returns to market with 21 percent hike
    Kanye West, Kim Kardashian and an aerial of the property (Getty, Google Maps)
    Kim Kardashian pays extra for Hidden Hills home abutting her, Kanye’s properties
    Kim Kardashian pays extra for Hidden Hills home abutting her, Kanye’s properties
    Whittier Mayor Kimberly Cobos-Cawthorne with layout of Montebello-Commerce Metrolink Statio tiny home village (Facebook, City of Montebello)
    Whittier opens village of tiny homes for homeless residents
    Whittier opens village of tiny homes for homeless residents
    Westmont's Andy Plant and Westmont Village Westmont Living, iStock)
    Senior community nixes industrial development for more residential
    Senior community nixes industrial development for more residential
    A photo illustration of 3620 Ocean Boulevard in Newport Beach's Corona Del Mar enclave (Toby Ponnay, iStock)
    Listing puts Corona del Mar mansion in OC’s $20M+ club
    Listing puts Corona del Mar mansion in OC’s $20M+ club
    FivePoint Holdings' Dan Hedigan (Fivepoints, Ranch on the River)
    FivePoint slashes workforce 29%, posts $37M loss
    FivePoint slashes workforce 29%, posts $37M loss
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...