A 142-unit apartment complex in Ontario has been sold for $45.6 million.
ReNew Mills, a 1980’s-era complex located at 551 E. Riverside Drive, was purchased recently by Interwest Capital Group LLC, a privately-held real estate firm in San Diego, according to a statement released today by CBRE.
The seller, represented by CBRE, was FPA Multifamily LLC in San Francisco.
ReNew Mills covers 8.8 acres and includes a fitness center, clubhouse, pool and spa and a dog park. It’s next to Ontario Ranch, the master-planned mixed-use community that will cover more than 8,000 acres when competed.
Interwest Capital plans to upgrade the property, inside and outside, according to the statement.
“Renew Mills has benefited from the phenomenal rent appreciation over the last couple of years, consistent with overall rent growth in the Inland Empire, which have exceeded 22 percent since the fourth quarter of 2019,” said Stewart Weston, executive vice president with CBRE, in the statement.