A 140-unit apartment complex in Ontario has been sold.
La Terraza, at 551 E. Riverside Drive, sold recently for $27.9 million, according to Capital Income Properties Group in Norco.
Capital Income represented the seller, whose name was not released. The complex was described in a statement as a major investment property.
The buyer, FPA Multifamily Real Estate Investment Firm in San Francisco, was represented by Marcus & Millichap.
The transaction took about nine months to complete, and FPA Multifamily is already working on upgrading the property, including improvements to the gymnasium and installation of an animal-friendly park.
“It’s a luxury property,” said Phil Bensinger, president of Capital Income, in a telephone interview. “It was owned by two brothers, both doctors, who inherited it from their father. They didn’t want to manage it. They just wanted to sell it.”
Capital Income is a small commercial real estate firm founded by Bensinger. It has managed the acquisition and development of more than 25 commercial real estate projects, and represented numerous buyers and sellers, during its more than 30 years in business, according to the statement.