IE Business Daily Business news for the Inland Empire.
One of the largest multifamily communities in the Inland Empire has been sold.
Terracina Apartment Homes, a 736-unit project in Ontario, sold for $142.1 million, according to a statement by Marcus & Millichap.
The sale, which works out to more than $193,000 per unit, was announced Thursday.
The transaction was arranged by Marcus & Millichap’s Institutional Property Advisors division, which represented the seller, a partnership between MG Properties Group in San Diego and Rockwood Capital in Los Angeles.
The buyer’s name was not released.
Terracina Apartment Homes sits on 41.3 acres at 3303 S. Archibald Ave. It’s part of Ontario Ranch, a master-planned community that covers 8,200 acres, according to the statement.
