IE Business Daily Business news for the Inland Empire.
A 75-unit apartment complex in Ontario has been sold for $28 million.
The property, at 840 Magnolia Ave., was purchased by a private foreign investor whose name was not released, according to CBRE Ontario, which brokered the deal.
The seller was a private investor who also wished to remain anonymous.
Built in 2019, the four-story project is a mix of one and two-bedroom apartments. Amenities include a swimming pool and spa, clubhouse, fitness center and private attached garages.
“Hallmark at Mission is a quality asset located in one of Southern California’s fastest-growing submarkets,” said Eric Chen, senior vice president of investment properties, in a statement. “This property has performed well throughout the pandemic and is poised for future rent growth.”
Chen represented both parties in the all-cash transaction. The buyer views the purchase as a long-term investment, according to the statement.
