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Ontario Apartments Fetch Nearly $12M

SAN DIEGO-Allen Properties snaps up the 142-unit complex, known as Rose Garden Apartments. Located at 2945 S. Sultana Ave., the property was built in 1987. It was 96% occupied at the time of sale.

By Erin Cassin | Updated on October 23, 2002

SAN DIEGO-An Ontario multifamily property, known as the Rose Garden Apartments, has traded hands in a deal worth nearly $12 million.

The property, which has sold for a 6.7% cap rate, has fetched $84,155 per unit and $103 per sf. Located at 2945 S. Sultana Ave., the complex contains 142 units. The unit mix here consists of 32 one-bedroom and one-bath floor plans, 40 two-bedroom and one-bath units and 70 two-bedroom and two-bath apartments. Completed in 1987, the Rose Garden Apartments complex encompasses 116,500 sf. It was 96% occupied at the time of sale, with rents ranging from $695 to $945 per month.

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