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.
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