IE Business Daily Business news for the Inland Empire.
A Chicago-based real estate investment company has purchased a 736-unit apartment complex in Ontario.
Waterton, which specializes in multifamily, senior living and hospitality projects, bought Terracina 3303 S. Archibald Ave., for an undisclosed sum, according to a statement on the company’s website.
The 41.3-acre community, which will be rebranded as Citrine Hills, includes 46 two-story residential buildings that combined contain apartment units and a clubhouse.
Built-in 1989, Terracina is next to Interstate 15. It’s within Ontario Ranch, a master-planned community that will include 16 million square feet of commercial space, eight schools, a large park and trail system, and 1,000 acres of public open space when it’s completed.
“The apartment homes at Terracina present a relatively affordable alternative to surrounding areas in Southern California,” said Jeremy Stern, Waterton’s, vice president of acquisitions, in the statement. “And, the large scale enables it to offer one of the most extensive amenity packages in the submarket. In addition, the strong demographics and employment growth in Southern California have bolstered historically solid apartment market dynamics.”
Founded in 1995, Waterton is a private company with regional teams operating throughout the United States. Its assets totaled about $9.1 billion at the end of last year, according to the statement.
