IE Business Daily Business news for the Inland Empire.
A luxury apartment complex in Chino Hills has been sold.
Decron Properties in Los Angeles purchased Village Crossing, a 440-unit complex near Chino Hills Parkway and the 71 Freeway, according to multiple reports.
Invesco Real Estate was the seller.
Decron pledged to spend about $9.2 million upgrading the property, which works out to about $21,000 per unit, according to reports.
The goal is to make the garden-style project, which was built in 1986, more appealing to young families with children. Improvements will include renovated kitchens with granite countertops, modern lighting, stainless-steel appliances and washers and dryers installed in each unit.
Decron will also build a two-story clubhouse with a fitness center, game room and lounge. During the past two years, Decron has bought three apartment complexes that were built during the 1980s so it could renovate them.
Rents at Village Crossing will range from $1,350 to $1,750 per month after the renovations, according the reports.
