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10/09/17
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Metro 102 Apartments, a 160-unit, garden-style property in Ontario, traded hands in a recent $35 mil deal that valued the asset at about $219k per unit. The property was sold by LA-based TruAmerica Multifamily to a California-based investor, capitalized primarily with foreign investment money.
Constructed in 2009, Metro 102 Apartments is an affordable apartment community built on a podium garage. The property’s tenant base is bolstered by the continued industrial growth in the Greater San Bernardino County.
The property features one-and two-bedroom floorplans with alarm systems, ceiling fans, extra storage, hardwood floors, vaulted ceilings, and walk-in closets. Community amenities include a resident lounge with a pool table, a swimming pool, a gym and a relaxing courtyard.
Located at 102 N. Lemon Ave in the heart of downtown Ontario, the property is adjacent to City Hall, Ontario Town Square and the main drag of Euclid Ave. It offers convenient access to Ontario Milles Mall, Ontario Airport and the county’s growing job base.
Jim Fisher, Mike Smith and Joe Leon with Berkadia represented TruAmerica in the deal. Fisher and Smith previously sold the asset, formerly known as The Colony, to TruAmerica in 2015.
“The quality construction and strong downtown Ontario location attracted a very deep Buyer pool,” said Fisher. “The interest in Metro 102 and the pricing fundamentals show the continued confidence of investors in the Inland Empire.”
“The property maintains an occupancy level over 98% and benefits from the tremendous industrial growth in Ontario,” Leon added. “In the past six years, we’ve seen roughly 25 msf of new construction added to the area.”
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