California + Inland Empire + Apartments | May 10, 2023

The Mogharebi Group represented an Orange County-based family in the $50.5-million sale of The Landing Apartments in Ontario

Ontario Apartments Sell to Los Angeles-Based Investor for $50M

The Mogharebi Group (TMG) has arranged the $50.5-million sale of The Landing Apartments, a 156-unit multifamily community in Ontario. TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, an Orange County-based family that owned the property for more than 20 years.

Located at 3364 Honeybrook Way, The Landing is a garden-style apartment community with a mix of two-bedroom and one-bedroom units. It features in-unit laundry, a pool and spa, a tennis court, carport parking, and a private-access community lake.

“Despite a very challenging capital markets environment, we were able to generate more than 20 offers on The Landing, ultimately selling the legacy asset to a Los Angeles-based investor at a sub-4.5% cap rate,” said Ozen. “Investors were attracted to the multiple levels of growth potential for this extremely well-located community including the ability to capture significant rental upside with a value-add plan focused on interior renovations.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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