Ontario luxury apartment sells for record price
A 75-unit luxury apartment complex in Ontario has been sold, reportedly for a record price.
Hallmark at Mission changed hands for $21.5 million, believed to be the most ever paid for a multifamily development in Ontario, according to a statement.
The Mogharebi Group, which brokers multifamily properties throughout California, helped negotiate the sale. The price equates to $355 per square foot and $300 per unit.
The buyer was Waterford Property Co., a private investment group in Newport Beach. The seller, which TMG represented, was an Inland Empire-based developer whose name was not released.
Built this year, the property at 1201 W. Mission Blvd. includes a private clubhouse, library, business center, FiOS Internet / TV, community room with kitchen, and a fitness center. Outdoor amenities include a swimming pool and spa, an entertainment lounge and fireplace, a dining area and a private pet park.
Hallmark at Mission generated multiple offers as soon as it was placed on the market, according to the statement.