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Montclair Sale is SoCal’s Largest Multifamily Transaction Year-to-Date
In what’s reportedly the largest multifamily transaction in Southern California to close year to date, real estate investment firm Archway Equities has acquired The Paseos at Montclair North, a 385-unit multifamily property in the Inland Empire community of Montclair for $150 million. The seller was from 4914 Olive Street Properties LLC.
For Archway, with more than $1 billion in commercial real estate assets under management, including 5,000 apartment units across the Sunbelt, The Paseos represents the first multifamily investment in California. The company assumed the accretive in-place agency loan with five years remaining on the term.
“Somewhere along the way, cap rates between the Sunbelt and coastal markets inverted and select pockets of Southern California should now provide more attractive risk-adjusted returns in the current environment,” said Archway president Sean Moghavem.
The new ownership plans updates to the garden-style townhome complex, which delivered in 2014
- ◦Sale/Acquisition
