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.