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10/21/19
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Waterford Property Company purchased a newly-constructed, Class A 75-unit multifamily property in Ontario in a deal valued at $21.5 mil ($287k/unit). Although this property is Waterford’s first multifamily acquisition in the Inland Empire, the firm does also own three office properties in the region.
The property is located at 1201 W Mission Blvd, north of Hwy 60 and west of Euclid Ave. It comprises two residential buildings totaling 60.5k sf of space and featuring both one- and two-bedroom floorplans.
Hallmark at Mission has excellent frontage on Mission Blvd. with more than 22,000 commuters passing by each day. The property is near Mountain Ave and the 10 Fwy, in the heart of the Ontario business community.
What makes this acquisition so exciting is that it is a new asset acquired near replacement costs with the ability to enhance value,” said Sean Rawson, co-founder, Waterford Property Company. Waterford plans to invest close to $1 mil to further enhance the residences and amenities at the four-story property known as Hallmark at Mission.
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