Empire Income Group Pays $12M for Multifamily Portfolio

FONTANA, CA- The Empire Income Group of Oakland, Calif. has acquired a seven-property, 245-unit multifamily portfolio for $12.12 million. The seller is described only as a San Diego-based LLC.

Fontana is located east of Los Angeles in Southern California’s Inland Empire region. The properties in the portfolio include two 60-unit properties, two 28-unit properties, a 32-unit property, a 23-unit property and a 14-unit property. The properties range in age from 14 years to 44 years.

The 60-unit Juniper Terrace Apartments at 9330 Juniper Ave. was built in 1988 and sold for $2.86 million. The 60-unit Alder Apartments at 9804 Alder Ave. was constructed in 1989 and sold for $2.98 million. The 32-unit Randall Arms Apartments was built in 1964 and sold for $1.46 million. The 28-unit Juniper Apartments at 9023 Juniper Ave. sold for $1.65 million. The 28-unit Las Rosas Apartments at 9170 Acacia Ave. was constructed in 1987 and sold for $1.39 million. The 23-unit Tamarind Apartments at 8538 Tamarind Ave. was constructed in 1975 and sold for $1.14 million. Finally, the unnamed 14-unit apartment community at 9150 Olive Ave. sold for $627,000.