The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



INLAND EMPIRE NEWS
Printer-friendly Version   Email an Associate
Interwest Capital Group Spends $45 Mil on 142-Unit Inland Empire Res Community

6/13/22

San Diego-based Interwest Capital Group paid $45.6 mil for ReNew Mills, a 1980’s built 142-unit multifamily community in Ontario. Located at 551 East Riverside Dr, adjacent to the Ontario Ranch master-planned community, the property sits centrally within the expanding Inland Empire market.

Situated on 8.8 acres, ReNew Mills features a variety of community amenities including fitness center, resident clubhouse with pool table and lounge, dog park, and resort-style pool and spa. Apartments feature large closets, vaulted ceilings, air conditioning, fireplace, and private balcony.

The buyer has extensive experience in restructuring multifamily properties through value-add programs and plans to complete upgrades at ReNew Mills, including interior and exterior improvements.

CBRE’s Dean Zander and Stewart Weston represented the seller, FPA Multifamily, in the transaction.

“The increase in demand for high-quality renovated suburban product has pushed rental rates to new highs over the past year,” said Zander. “The area’s robust economic and population growth has created an incredible market for these types of properties.”

Added Weston, "Renew Mills has benefited from the phenomenal rent appreciation over the last couple of years, consistent with overall rent growth in the Inland Empire, which have exceeded 22% since the fourth quarter of 2019."





Return to the Archive page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media