IE Business Daily Business news for the Inland Empire.
A multifamily project in Rancho Cucamonga restricted to people 55 years old and older has been sold.
The Village on 5th, a 264-unit property at Fairway View Place, changed ownership late last month for an undisclosed sum, according to CBRE.
Acacia Capital Corp. a real estate firm in San Mateo, sold the property to Greystar Real Estate Co. in New York.
CBRE negotiated the transaction, which took about one month to complete, and helped Greystar secure fixed-rate financing.
Built in 2006, Village on 5th is next to The Resort, an upscale urban village. It’s one of only three age-restricted multifamily communities developed on the west end of the Inland Empire within the last 20 years.
“Village on 5th is a ‘best-in-class’ asset and is poised to be a market leader in the submarket for years to come,” said Dean Zander, executive vice president with CBRE and a member of the negotiating team.
Greystar plans to make some “cosmetic upgrades” to the property’s interiors and common areas, Zander said.
Senior housing is in demand in the inland region, in part because fewer than 1,700 units have been built there in the last 10 years, according to CBRE.
