CBRE has brokered the sale of The Village on 5th, a 264-unit, 55+ multifamily community in Rancho Cucamonga, CA. The buyer was Greystar Real Estate Company and the seller was Acacia Capital Corporation. Terms of the deal were not disclosed.
“Village on 5th is a true best-in-class asset and poised to be a market leader for years to come,” said CBRE’s Dean Zander who brokered the transaction along with Stewart Weston. The CBRE Debt & Structured Finance team led by Trevor Breaux and Troy Tegeler assisted the buyer with placing new fixed rate financing.
According to the CBRE news release, senior housing in the Inland Empire has experienced healthy demand partly because less than 1,700 senior apartments have been added over the last 10 years. Combined with a competitive rent-to-income ratio, the IE is positioned to continue its strong market fundamentals.
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.
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