Interwest Capital Group has purchased ReNew Mills, a 142-unit multifamily complex in Ontario, CA for $46 million. The property, located at 551 E. Riverside Dr., is situated just south of the 60 Freeway and within a few blocks of several retail outlets, parks and medical facilities. CBRE’s Dean Zander and Stuart Weston represented the seller, FPA Multifamily, in the transaction.
ReNew Mills units feature vaulted ceilings, a fireplace and private balcony while community amenities are numerous including a resident clubhouse with a pool table, a dog park and pool and spa. The buyer intends to make upgrades, including exterior and interior improvements.
“The increase in demand for high-quality renovated suburban products has pushed rental rates to new highs over the past year,” said Zander in a news release. “The area’s robust economic and population growth has created an incredible market for these types of properties.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.