Ontario Town Square Townhomes, a collection of 140 condos in the aforementioned city, has traded hands for $38 million. MG Properties Group was the buyer, and Artemis Real Estate Partners was the seller.
CBRE’s Ray Eldridge and Paul Runkle represented Artemis. Capitol One financed the transaction.
The asset, in Downtown Ontario, was built in 2009 and features a pool, spa and lounge. Its luxury units average 1,500 square feet.
Runkle pointed out that the multifamily market in the Inland Empire is very strong. He said that there are 50,000 jobs created in the region per year and less than 2,000 apartment deliveries annually, making it attractive for rent growth.