In what appears to be the largest multifamily deal to close in the Inland Empire this year, Archway Equities has acquired a 385-unit multifamily community in Montclair. The community, also known as The Paseos at Montclair North, sold for $150 million, or approximately $389,610 per unit, according to reports from the Los Angeles Business Journal. The seller in the transaction is an entity linked to developer Geoff Palmer.
The Paseos at Montclair North is situated at 4914 Olive Street, spanning nearly two full city blocks. The unit mix includes studio, one-, two- and three-bedroom options centered around a park with a concert amphitheater. Other amenities include two resort-style pool areas with spas and cabanas, a state-of-the-art fitness center, a yoga room, conference center, entertainment lounge and more. At the time of closing, the property was 97 percent occupied.
The property’s location offers immediate access to the rapidly growing Inland Empire economy as well as major employment hubs in Los Angeles. The property is situated near both Interstates 10 and 210. Moreover, The Paseos is within walking distance of the Montclair TransCenter, an intermodal transit hub for bus and train services throughout the region. The Paseos also neighbors Claremont McKenna College.
While maintaining $1 billion in commercial real estate assets under management, the acquisition marks Archway Equities’ first investment in California. Archway Equities manages 5,000 apartment units across the Sunbelt region, including in markets like Nashville, Dallas, Austin, Raleigh and Atlanta. Overall, the Beverly Hills-based company owns 17 multifamily properties and four office properties.
Several other multifamily properties have traded in the Inland Empire in recent months.
In one deal that closed last month, a 70-unit apartment community in San Bernardino traded for $21.5 million, or about $307,142 per unit. The property, Loma Villas, is located at 415 E. Commercial Rd. and offers a mix of studio, one- and two-bedroom floor plans. In another recent deal, Clear Capital purchased a 124-unit apartment property in Victorville for $15.5 million, or about $125,000 per unit. The property, located at 15252 Seneca Road, was sold by Positive Investments.
