Interwest Capital buys 142-unit apartment complex at Ontario Ranch

FPA Multifamily gets $46M for Inland Empire complex, up around 50% from 2019

Los Angeles /
Jun.June 10, 2022 02:04 PM
Interwest Capital Group CEO Alex Roudi and 551 East Riverside Drive in Ontario, CA (Interwest Capital, Rent.com)
Interwest Capital Group CEO Alex Roudi and 551 East Riverside Drive in Ontario, CA (Interwest Capital, Rent.com)

Investors keep pouring money into Southern California’s multifamily market, with the latest deal coming on an apartment complex in the Inland Empire that drew a buyer from San Diego.

Interwest Capital Group bought a 142-unit complex at 551 East Riverside Drive in Ontario for $45.6 million, according to an announcement from CBRE. CBRE’s Dean Zander and Stewart Weston brokered the deal on behalf of the seller, FPA Multifamily.

FPA, headquartered in San Francisco, bought the complex for $27.9 million in 2019, public property records show.

The property, called ReNew Mills, is located near the Ontario Ranch master-planned community— Southern California’s largest such development.

About 2,900 acres have been approved by the city of Ontario for single-family homes and multifamily complexes, as well as commercial space and business parks. Lennar, Landsea Homes, Pulte Group and Brookfield, among other companies, are all building properties on the site.

Rents at ReNew Mills range from $2,259 to $2,459 per month for a one-bedroom, according to online listings for the property. That meets the average rent for an apartment in Ontario, which was $2,364 as of this month, according to RentCafe.

The multifamily sector was officially the most popular commercial real estate class across the U.S. in the first quarter, making up 37 percent of all investments, according to CBRE. Investors have spent $374 billion on multifamily properties from March 2021 through the same month of this year.

Interwest has bought a number of apartment complexes across Southern California, Phoenix and Las Vegas over the last year. In February, the company bought a 128-unit complex in Riverside for $35.4 million.

Interwest Capital Group focuses on more than just apartments — the private investment firm also owns a number of hotels across the U.S., including the 165-key Claridge House in Chicago.





    Related Articles

    arrow_forward_ios
    Related Companies CEO Jeff Blau and Related's Justin Metz with the Godfrey Hotel Hollywood (Getty, Related, GodfreyHotelHollywood.com, iStock)
    Related spends $115M on stake in new Hollywood hotel
    Related spends $115M on stake in new Hollywood hotel
    Optimus Properties co-founders Kamyar Shabani and K. Joseph Shabani with the property at 4256 W. 2nd Street in Koreatown (Optimus Properties LLC, RentCafe)
    Optimus Properties buys seven apartment buildings in core of LA
    Optimus Properties buys seven apartment buildings in core of LA
    Assembly Majority Leader Eloise Gómez Reyes (47th Assembly District, iStock)
    Inland Empire industrial developers dodge a bullet — for now
    Inland Empire industrial developers dodge a bullet — for now
    Crow Holdings CEO Bob McLain and 2524 S Lilac Avenue (LinkedIn, Google Maps)
    Dallas outfit spends $72M on industrial in Inland Empire
    Dallas outfit spends $72M on industrial in Inland Empire
    From left: 17877 & 17875 Von Karman Ave in Irvine, PGGM CEO Edwin Velzel and MetLife CEO Michel Khalaf (LoopNet, PGGM, MetLife)
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
    LaTerra buys Marina del Rey office complex
    LaTerra buys Marina del Rey office complex
    From left: Massachi Industries' Alex Massachi and DM Development's Mark McDonald with 1725-1739 N. Bronson Ave
    Development duo moves ahead on 128-unit high-rise in Hollywood
    Development duo moves ahead on 128-unit high-rise in Hollywood
    FS Investments' Michael Forman and Tishman Speyer's Rob Speyer with 555 South Aviation Boulevard (Tishman Speyer, LoopNet, iStock)
    Tishman Speyer notches priciest LA office sale of year
    Tishman Speyer notches priciest LA office sale of year
    arrow_forward_ios

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

    Loading...