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8/03/22
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Greystar Real Estate Company has purchased The Village on 5th, a 264-unit 55+ age-restricted, multifamily community in Rancho Cucamonga. The property is located at 9400 Fairway View Pl, north of I-10 and west of I-15.
Village on 5th is one of only three market-rate, age-restricted multifamily communities completed in the region within the last two decades. The 2006-constructed property is adjacent to the newly built, affluent urban village known as The Resort.
The property offers a mix of studio, one-bedroom and two-bedroom floorplans. Unit amenities include central air conditioning, ceiling fans, custom cabinetry, energy-efficient appliances, faux granite countertops, spacious closets, in-unit washer/dryers, private patios and assigned parking spaces.
CBRE’s Dean Zander and Stewart Weston brokered the deal. CBRE’s Debt & Structured Finance team, led by Trevor Breaux and Troy Tegeler, assisted the buyer with placing new fixed rate financing. According to Zander, the buyer plans to make some cosmetic upgrades to the original interiors and common areas.
“The Inland Empire has enjoyed one of the fastest-growing economies in the nation,” said Weston. He added, “Businesses are thriving due to the increasing number of high-paying jobs, connectivity to neighboring metro centers, and explosive growth of the industrial sector.”
The population of the western Inland Empire city of Rancho Cucamonga has increased 38% since 2000 and is now the 28th largest in the state. The area attracts residents due to the business-friendly environment, more-affordable housing options, and high-quality schools. The city’s four public high schools earned the Silver distinction by U.S. News & World Report (in 2015) and were named California Gold Ribbon Schools (in 2017).
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