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4/30/20
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Cinnamon Ridge, a 101-unit affordable community located in Ontario, traded in a $15.5 mil ($153.4k/unit) transaction. Built in 1989, the property is located at 1051 East 4th St, east of Euclid Ave and just south of the I-10.
Cinnamon Ridge Apartments is a 55 or older apartment community that consists of a two-story and a three-story building totaling 48.5k sf of space. The complex is situated on a 2.29-acre site.
The apartment homes feature spacious one- and two-bedroom floor plans with select units having been upgraded to include quartz countertops, wood laminate flooring, accented painted interiors, and in-unit washer / dryers. The property boasts a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities, and covered parking.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a SoCal-based investor. The buyer was a private investor, also based in Southern California.
“Cinnamon Ridge Apartments is an affordable, 55 and over tax-exempt community,” said Ozen.
“As a result, there was a high level of interested buyers for this asset.”
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