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6/03/16
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In a transaction we’re told ranks as the largest single-family trade ever in the Inland Empire, San Diego-based MG Properties Group and Rockwood Capital have sold Terracina, a 736-unit, garden-style community in Ontario, to Bridge Investment Group, out of Utah, for $142 mil ($193k/unit). The sellers acquired the asset in February 2013 for $95 mil from Colorado-based Archstone.
Located at 3303 South Archibald Ave, Terracina is situated between the Ontario International Airport and the burgeoning Eastvale community. It offers convenient access to the I-15 and Hwy 60, providing residents with a range of nearby retail amenities as well as accessibility to major job corridors throughout the Inland Empire and eastern Los Angeles County.
Terracina was built in 1988 and contains lush landscaping with streams that meander throughout the grounds. The property features a resort-style pool, spa, lounge and fitness center. It even includes a separate, fully enclosed dog washing station.
Kevin Green and Greg Harris from Institutional Property Advisors' The Harris Group, along with Alexander Garcia, Jr, Stewart Weston, Christopher Zorbas and David Sperling, also all with Institutional Property Advisors, represented MG Properties Group in the transaction. MG’s current portfolio includes over 11,000 units in California, Oregon, Washington, Arizona and Nevada.
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