Salt lakes real estate

ASB and Western National pay $ 227 million for Inland Empire assets

Solamonte. Image courtesy of ASB Real Estate Investments

Mesirow Institutional Real Estate Direct Investments sold Solamonte, a 521-unit garden-style community in Rancho Cucamonga, Calif., For $ 227 million. ASB Real Estate Investments partnered with Western National Group to acquire the asset, which was 98.5% occupied.

The property, formerly known as AMLI in Empire Lakes, was last traded in 2016, when the current seller bought the community for $ 130 million, according to Yardi Matrix. Mesirow had financed this acquisition with a loan of $ 81.5 million from AXA Equitable Life Insurance Co.

Continuous improvements in a hot market

Located on 20.5 acres at 9200 Milliken Ave., the 12-building community includes one, two and three bedroom apartments with floor plans averaging 934 square feet. Mesirow recently completed renovations on the property built in 2001, upgrading 80 percent of the units. The new owners plan to continue updating the asset.

Solamonte has a variety of outdoor amenities, from a movie theater to a saltwater pool with poolside cabanas and grilling areas. There is also a club lounge, a fitness center and a games room equipped with pool tables and arcade games.

The community is less than a mile from a Metrolink station and has easy access to Highways 10 and 15. Two major shopping centers – Victoria Gardens Mall and Ontario Mills – and the Ontario International Airport are within 3 miles from Solamonte, with downtown San Bernardino 15 miles east.

Inland Empire was among the top multi-family markets for rental growth through June, according to Yardi Matrix data. The metro has benefited from positive migration trends with prices significantly lower than in neighboring Los Angeles.

The acquisition of ASB and Western National is just the latest of a number of major deals to be completed in the market this year. In August, Tower 16 Capital Partners expanded its presence in the Inner Empire with the purchase of 504 units in Moreno Valley, California. The company paid more than $ 107 million for the two communities.

Tags : real estate
Mary Cashion

The author Mary Cashion