
TruAmerica Divests Ontario MF for $42M
Mountain Summit Condominiums, a 194-unit garden-style multifamily property in Ontario, CA, traded hands for $42.25 million. The buyer was SoCal-based Advanced Real Estate Services, while the seller was Los Angeles-based TruAmerica Multifamily.
Located at 1352 W. 5th St., the property features one, two and three-bedroom units with air conditioning and heating, walk-in closets, balconies, microwaves and garbage disposals. Community amenities include a fitness center, a business center, a clubhouse, a courtyard and a picnic area. The property is near the San Bernardino Freeway.
Berkadia’s Jim Fisher, Jeff Rowerdink and Mike Smith represented the seller.
Fisher says, “With tremendous job growth, low vacancy rates and very little development, the Inland Empire continues to be a favorable investment environment for both buyers and sellers.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition