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MULTIFAMILY NEWS
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Investor Pays $252k/Unit for Fontana Apartment Building

8/02/23

A 25-unit multifamily community in Fontana sold for $6.3 mil, or $252k/unit.

Built in 1973, the property is located at 8919 Mango Ave. It offers a mix of one-bedroom, two-bedroom (townhouse-style), and three-bedroom floorplans with an average unit size of 787 sf.

Units feature high speed internet access, air conditioning and heating, and kitchen appliances. Property amenities include on-site laundry, carport and surface parking, secure entry gate and lush landscaping.

The community is walking distance to Veterans Park, Chaffey College Fontana Campus and various restaurant options. It is also near Kaiser Hospital Fontana, the Fontana Metrolink Transit Station, retailers and Interstate 10.

Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented the buyer and the seller, both private investors, in the transaction.

“This 25-unit property is a quality asset with substantial value-add upside potential in one of the best performing cities of the Inland Empire,” said Torgerson. “The property has historically performed well and is poised for future rent growth as the new owner plans to strategically renovate the interior and exterior of the property.”





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