FONTANA, CA—Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Cielo Vista, a 120-unit apartment complex built in 2008 in Fontana, Calif. The terms of the sale were not disclosed.
IPA executive vice president investments Ronald Harris, IPA director Joseph Smolen, and Marcus & Millichap senior vice president investments Alexander Garcia Jr. advised the seller, Phoenix Realty Group. Harris, Smolen, Garcia and vice president investments Steve Hsu of Marcus & Millichap represented the buyer, a Southern California-based private investor.
“As the only 100-plus unit market-rate asset built in this submarket since 1989, Cielo Vista is indisputably a best-in-market asset,” says Harris.
“As such, the property will serve as a standard-bearer for luxury for-rent product in the surrounding market area for years to come,” adds Garcia.
“Due to its position in the submarket as the only fully amenitized core housing, Cielo Vista is positioned to benefit from strong operations and robust projected rent growth,” Smolen concludes.
Located at 1624 W. Rialto Ave., the property has convenient access to interstates 10 and 210.
Situated on 6.2 acres, the 109,344-square foot Cielo Vista provides its residents with a low-density environment and an open residential feel. The six-building apartment complex features spacious one- and two-bedroom units that average approximately 879 square feet.
The amenities package includes a resort-style swimming pool, hydrotherapy spa, and a state-of-the-art fitness center.
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