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?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
The Bascom Group Pays $146k/Unit for Fontana Res Property

1/17/17

The Bascom Group LLC has acquired Laurel Tree, a 36-unit apartment community located at 17923 Arrow Blvd in Fontana, for $5.25 mil. The price works out to $146k/unit and about $160/sf.

Built in 1989 and sitting on more than two-and-a-half acres, Laurel Tree offers residents a low-density living community, a central Inland Empire location, and easy access to key employment centers. The property's unit mix is dominated by spacious three-bedroom units, offering a single-family type floorplan unique to this submarket.

Laurel is set to take advantage of accelerated population growth in the Inland Empire as rising prices and rents in Los Angeles and Orange County force residents to look elsewhere for more affordable housing. The Redlands-Fontana-High Desert submarket has developed into a growing economic hub, with a strong medical base, world-class transportation and logistics centers, and industries such as construction, leisure, and hospitality experiencing substantial year-over-year growth. The site of the former Rialto Airport, a short distance from Laurel Tree, is being redeveloped into a 1,500-acre master-planned mixed-use community. The new development will include 107 acres of mostly for-sale housing, 352 acres of public space, and 991 acres of retail, office, and industrial development.

Marcus & Millichap represented both the buyer and seller in the transaction. Manufacturer's Bank provided the new loan. James D'Argenio sourced and managed the transaction in-house for Bascom.

Fontana's apartment market continues to strengthen as average rents have increased for six consecutive years to $1,303, or a 39% increase. Despite a $316 average rent increase over the previous 12 months, occupancy remains high at 97.4%, making the city one of the tightest rental submarkets in Southern California. Even so, the Inland Empire's stock of multifamily units increased by just 1.4% over the past year, as single-family construction accounted for 75% of new residential development. This favorable development pipeline limits direct competition and creates an attractive environment for Bascom's repositioning of Laurel Tree.






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