IE Business Daily Business news for the Inland Empire.
A 25-unit apartment complex in Fontana has been sold for $6.3 million.
Built-in 1973, the complex at 8919 Mango Ave. has one, two, and three-bedroom units with an average unit size of nearly 800 square feet, according to a statement.
CBRE represented the buyer and the seller, both private entities who wished to remain anonymous.
“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 Blake Torgerson, vice president with CBRE, in the statement. “The property has historically performed well and is poised for future rent growth as the new owner plans to renovate the interior and exterior.”
The property is near Veterans Park, Chaffey College’s Fontana campus, Kaiser Hospital, and the city’s Metrolink station.
