A partnership between Ocean West Capital Partners, Tiger Alternative Investors, NH Investment & Securities Co. and Camden Pacific Partners has acquired The Monterey, a 442-unit new construction apartment building in Corona, CA. The sales price was not disclosed.

The Monterey was completed this year. The property has a mix of one-, two- and three-bedroom units and an expansive list of class-A amenities, including two resort-style swimming pools, clubhouses with roof decks, a fitness center with, yoga and spin studios, co-working space with conference rooms and soundproof privacy pods, an outdoor movie theater and a community garden and citrus orchard.

The Inland Empire became one of the top apartment markets in the country in the last 18 months. Like many of the growth markets in the country, population growth is fueling the housing demand in the market—housing supply is limited. In fact, the Riverside-San Bernardino apartment market has the lowest vacancy rate in the US, according to research from Marcus & Millichap. From July 2020 to June 2021, the vacancy rate fell 200 basis points, falling below 2%. Plus, the firm forecasts that the vacancy rate will fall another 30 basis points this year.