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February 1, 2023
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INLAND EMPIRE NEWS
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Ontario Res Community Trades for $434k/Unit

5/20/22

Charlmont Village Townhomes, a 55-unit property in Ontario, was acquired by a private investment group from Beverly Hills for $23.9 mil, or $434.5k/unit. The property was nearly 100% occupied at time of sale.

Built in 1984, Charlmont Village Townhomes offers two-, three- and four-bedroom units that include attached two-car garages and large fenced yards. Spanning 12 buildings, the residences feature spacious, townhome-style floor plans with units averaging 1.1k sf. Community amenities at the 3.57-acre property include a swimming pool, spa and lush landscaping.

Located at 1625 E. G St, Charlmont Village Townhomes is approximately 40 miles east of downtown Los Angeles and offers easy access to the 10 Fwy and Ontario International Airport. The community is situated close to employment hubs and Ontario Mills, California’s largest outlet / value retail shopping destination.

Otto Ozen with The Mogharebi Group represented the unnamed seller in the transaction.

The Charlmont Village Townhomes sales price of more than $436,000 per unit represented a 65% increase over last year’s per unit median price of $283,329, according to TMG research, and is indicative of the increasing investor appetite for multifamily assets in The Inland Empire. In fact, the Inland Empire earned the top spot nationally in multifamily ‘buy’ recommendations, according to 2022 Emerging Trends in Real Estate published by PwC and the Urban Land Institute.

“The median sales price for a single-family home in Ontario has risen 20% in one year to around $627,000, meaning more housing demand switching over to the rental market, which puts quality properties like Charlmont Village Townhomes even more in the spotlight,” said Ozen. “Charlmont received a lot of investor interest because of those market dynamics, as well as its great location, value-add potential, and condo mapped exit strategy.”





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