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.”