The Mogharebi Group (TMG) has arranged the $50.5 million sale of The Landing Apartments, a 156-unit multifamily community in Ontario, California.
Located at 3364 Honeybrook Way, The Landing is a garden-style apartment community with a desirable mix of 53 percent two-bedroom and 47 percent one-bedroom units ranging from 704 to 1,108 square feet. The well-amenitized community features in-unit laundry, a pool and spa, a tennis court, carport parking, and a private-access community lake.
Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller in the transaction—an Orange County-based family that owned the property for more than 20 years.
“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 percent 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.”
Ontario continues to exhibit favorable multifamily fundamentals driven by significant increases in population growth and limited supply, according to LaBar.
“The Landing generated significant investor interest due to its location in the path of growth and adjacency to the Ontario Ranch development,” LaBar added. “There is little relief for the current supply-demand imbalance with very few new units scheduled to be delivered in the foreseeable future, so The Landing represented an excellent opportunity to fill the need for well-located, quality rental housing.”
Founded in 2015, The Mogharebi Group is one of the leading multifamily brokers in the state of California, according to real estate research and advisory firm Green Street. TMG has been involved in closing almost 10,000 units in the Inland Empire with total value nearing $2 billion.