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Ohio-Based Investor Snags Chino MF for $31M
Columbus, OH-based Klingbeil Capital Management acquired The Enclave at Town Square, a multifamily property in Chino, CA, from San Mateo, CA-based Essex Property Trust, Inc. for $30.5 million. The property is located at 11475 Central Ave., and features 124 units with one and two-bedroom floor plan configurations.
Klingbeil Capital Management’s Robert Conn says, “The strong economic growth in the Riverside market is driving increasing demand for high quality housing in Chino. We plan to make additional capital improvements to the property to make it even more desirable.”
Berkadia’s Jeff Rowerdink and Joe Leon represented the seller.
“Klingbeil was the perfect buyer for this asset, as they saw the upside in a 1989 building just down the street from Copperwood, another multifamily property already in their portfolio. Essex had maintained the property at a very high level, thus Klingbeil will have very little deferred maintenance going forward,” says Rowerdink.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




