Waterton Acquires 736-Unit MultiFam in Ontario

National real estate investor and operator Waterton has announced the purchase of Terracina, a 41-acre, 736-unit apartment community in Ontario, CA. The complex consists of 46 two-story buildings and a clubhouse. The property will be rebranded as Citrine Hills.

Built in 1989, Terracina is located at 3303 S. Archibald Ave., adjacent to Interstate 15 and provides convenient access to major retail and employment hubs in Southern California. The unit mix includes 288 one-bedroom and 448 two-bedroom residences with an average size of 874 square feet. 

“The Southern California market has exceptional apartment market fundamentals and we were attracted to Terracina for its complexity, size and value add potential,” said Jeremy Stern of Chicago-based Waterton. “Terracina is well-suited to complement our existing portfolio and we look forward to implementing in-unit upgrades and amenity enhancements.” Renovation plans include flooring upgrades, new stainless steel appliances and quartz countertops.