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5/12/23
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The Landing Apartments, a 156-unit multifamily community in Ontario, was sold in a recent $50.5 mil ($323.7k/unit) transaction. The property is located at 3364 Honeybrook Way, west of I-15 and just south of Hwy 60.
The Landing is a garden-style apartment community with a desirable mix of 53% two-bedroom and 47% one-bedroom units ranging from 704 sf to 1.1k sf. The well-amenitized community features in-unit laundry, a pool and spa, a tennis court, carport parking, and a private-access community lake.
Alex Mogharebi, Otto Ozen, and Bryan LaBar with The Mogharebi Group represented the seller in the transaction—an Orange County-based family that owned the property for more than 20 years. The property traded at a sub-4.5% cap rate.
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