Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Rancho Vista Apartments, a 125-unit multifamily asset in Ontario, California.
Alexander Garcia Jr., IPA executive managing director stated: “In 2024, the Inland Empire experienced one of the slowest years on record with regard to the sale of multifamily assets greater than 100 units and we are pleased to start 2025 with a very meaningful data point in a highly desirable submarket.”
Built in 1984, Rancho Vista Apartments consists of two- and three-bedroom floor plans that average 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the master bedrooms, central air conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sun decks, children’s park, and on-site maintenance.
“Previous ownership installed a solar panel electric system that offsets residents’ electric bills, reduces common area electric charges, and allows for the sale of renewable energy credits for cash,” said Kyle Pinkalla, IPA senior vice president. IPA executive managing director Chris Zorbas added: “The property also recently received numerous upgrades, and new ownership can capture further rental lifts upon completion of additional unit renovations and community enhancements.” Garcia, Pinkalla, Zorbas, and IPA’s Kevin Green, Joseph Grabiec, and Gregory Harris represented the seller, Clear Capital, and procured the buyer, Convenient Holdings.
The property is located near the intersection of Interstate 10 and Archibald Avenue, close to Interstate 15. The Rancho Cucamonga Metrolink station, East Ontario Metrolink station, and the Ontario Amtrak station provide commutes to Greater San Bernardino County, and Orange, San Diego, Riverside and Los Angeles counties. Employers such as Inland Empire Health Plan, Chaffey College, Amphastar Pharmaceutical, Niagara Bottling, and UPS are within proximity and Ontario Mills Mall is three miles from the property.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
