Luxury apartment complex fetches $68 million
A 182-unit apartment complex in Rancho Cucamonga has been sold.
Arte, at 10130 Foothill Blvd., changed hands for $68 million in an off-market transaction, according to a statement released by Avison Young.
The seller was Fore Property in Santa Barbara, the buyer was Providence Capital Group Inc. in Encinitas. Avison Young’s Irvine’s office represented Fore Capital in the negotiations.
The sale price was $373,626 per unit.
“Arte is a new high-quality multifamily asset located in one of the top rental markets of the Inland Empire,” said Peter Hauser, principal with Avison Young, in the statement. “This transaction was an ideal fit for both groups’ respective business plans.”
Arte is short drive from Victoria Gardens, the 147-acre lifestyle center, and less than four miles from Ontario International Airport. Built last year, the project sits on 4.4 acres and consists of six four-story buildings.
It has one, two or three bedroom units, each with a patio or balcony, according to the statement.