IE Business Daily Business news for the Inland Empire.
A multifamily development in Fontana has been sold for $6.1 million.
CBRE represented the buyer, Cypress Apartments Properties LLC, and the seller, Masters Development LLC, according to a statement released by the real estate brokerage.
Built last year, the property has 14 townhouse-style units with an average size of 1,205 square feet. It is near the Foothill (State Route 210) and Pomona (State Route 60) freeways.
“The overwhelming response to this asset—securing seven offers and entering escrow in under two weeks—speaks volumes about both the strength of the Fontana market and the quality of the property,” said Eric Chen, executive vice president with CBRE, in the statement.
