Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Terracina Apartment Homes, a 736-unit garden-style apartment complex located inside Ontario Ranch, an 8,200-acre master-planned community in Ontario, California. The property is one of the five largest multifamily assets in the Inland Empire.
“Recent growth in the healthcare and transportation and logistics industries, combined with a preference shift towards lower density suburban locations in the wake of the pandemic, have fueled strong housing demand in the Inland Empire,” said IPA executive director Kevin Green. “Multifamily demand fueled rent growth of 15.75 percent in Ontario in 2021 and 8.91 percent rent growth is projected for 2022.” Green and IPA’s Greg Harris, Joseph Grabiec, Alexander Garcia Jr., and Christopher Zorbas represented the seller, Bridge Investment Group and procured the buyer.
Brian Eisendrath, Cameron Chalfant and Jesse Zarouk of IPA capital markets arranged interest-only acquisition financing. “Terracina Apartment Homes is well insulated from the threat of future competition as most of Ontario Ranch is zoned for single-family homes, and new homes sell at top-of-the-market prices within 45 days,” added Garcia.
Built in 1989 on two parcels totaling 41.3 acres, the 46-building complex is within a 10-mile radius of Ontario Mills, the largest one-level shopping center in Western North America, 147-acre lifestyle center America Victoria Gardens, and the outdoor shopping center Shoppes at Chino Hills. Top employers within five miles are Braun Medical, UPS, General Electric and Zodiac Aerospace. Companies with manufacturing or distribution centers near Terracina include Best Buy, Walmart, Home Depot and Amazon.
Apartments at Terracina Apartment Homes have central air conditioning and heating, and patios or balconies. Select units have fireplaces, ceiling fans, linen closets, and extra storage. The property’s common area amenity package, which is one of the most extensive in the Ontario market, includes four swimming pools, two Jacuzzis, two fitness centers, two soccer fields, a community clubhouse, tennis court, and five laundry facilities. The lushly landscaped grounds have streams and water features.