RANCHO CUCAMONGA, CA—ASB Real Estate Investments have acquired a 521-unit garden apartment complex here for $227 million in a joint venture partnership with Western National Group. ASB made the investment on behalf of its Allegiance Fund, a $7.4 billion core investment vehicle.
The seller was Mesirow Institutional Real Estate Direct Investments, which offers a series of risk-balanced, multi-family value-added investing opportunities to a growing base of large domestic and international institutional investors.
ASB Vice President Kavita Mathews, said in a prepared statement that "This Inland Empire submarket offers strong population and job growth in surrounding areas as well as significant supply constraints that promise to limit future competing development, providing a market dynamic to increase the asset's net operating income over time. Solamonte has particularly attractive amenities and layouts, and there are plans to complete cosmetic upgrades on unrenovated units that provide opportunities to generate further income growth. The investment is part of ASB's ongoing portfolio strategy to expand multifamily investments in leading U.S. suburban markets."
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ASB has $1.8 billion invested in 4,826 apartment units across the United States. Since 2018, the company has completed $462 million in new multifamily acquisitions, including assets in Orange County, CA and Raleigh, NC.
Located at 9200 Milliken Avenue on more than 20 acres near two major Southern California freeways—the I-15 and the I-10, the property known as Solamonte is 98.5% occupied, benefiting from strong supply-demand fundamentals in this Inland Empire submarket. Solamonte also features direct access to Metrolink, the regional commuter rail system, and is within minutes of the area's most popular lifestyle shopping center, the 1.5 million-square-foot Victoria Gardens Mall. Downtown Los Angeles is within a 45-minute drive and the adjacent highway system connects directly into job centers in Riverside, San Diego and Orange Counties.
More than 80% of the units in the 12-building complex, built in 2001, have been recently renovated. The asset's hard-to-replicate low-density, park-like amenities include a resort-style pool, an outdoor movie theater, outdoor grilling areas, a game room with billiards and arcade games, a reservable club lounge, a fitness center with a yoga and spin studio, and a pet park.
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