IE Business Daily Business news for the Inland Empire.
A Newport Beach real estate investment and development company has purchased a 75-unit apartment complex in Ontario.
Waterford Property Co. paid $21.5 million for Hallmark at Mission at 1201 W. Mission Blvd., according to a statement.
A specialist in land development and entitlements as well as acquisitions and repositioning of commercial and multifamily properties, Waterford Property owns more than $1 billion worth of projects in California and Arizona.
Hallmark at Mission is near Mountain Avenue and Interstate 10 in the center of Ontario’s business district.
Waterford Property has three office properties in the Inland Empire. This is its first purchase of an apartment complex in Riverside or San Bernardino counties.
The project consist of two buildings that cover nearly 60,500 square feet, and its apartments have one and two-bedroom floor plans. Waterford Property plans to spend about $1 million upgrading the four-story complex, according to the statement.
