ONTARIO, CA-GlobeSt.com has exclusively learned that the Casitas apartment community has changed hands. The 253-unit apartment community was sold for $26.3 million or $103,952 per unit at a 5.5% cap rate.
Built in 1963, the apartment community offers one-, two- and three-bedroom floor plans. The transaction was negotiated by Alex Mogharebi of the Ontario office of Hendricks-Berkadia.
“The Casitas is one of the few large, single-story complexes in the submarket,” Mogharebi says. “The new owners plan to fully renovate and reposition the property to maximize its potential.”
The seller was JH Casitas, LLC, of Newport Beach, CA. The buyer was Campus Avenue Apartments LLC, of Sherman Oaks, CA.
The apartment amenities include fully equipped kitchens and air conditioning. The community amenities include laundry facilities, extra storage and controlled-access gate. Residents can easily access State Routes 60 and 71 and Interstate 10 and 15 from the apartment community, providing connection to the entire Inland Empire area.
The property is 10 miles from the Victoria Gardens shopping center and four miles from Ontario International Airport. Top employers in the area include Ontario International Airport, City of Ontario, Safariland LLC and Securitas Security Services.
The vacancy rate in the Inland Empire remained unchanged on a year-over-year basis in the second quarter at 5.7%. Meanwhile, asking rents increased 0.5% to $1,229 per month, says Hendricks-Berkadia.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
