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6/13/22
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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."
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