The Inland Empire has seen a significant number of multifamily transactions over the last several months. In one recent transaction that took place earlier this month, The Landing Apartments traded for $50.5 million, or $323,718 per unit. The property was sold by a family trust to an entity affiliated with multifamily investment firm Convenient Holdings.
The 156-unit apartment complex is located at 3364 Honeybrook Way on more than seven acres. The property consists of several apartment buildings, with a mix of one- and two-bedroom units ranging in size from 704 to 1,108 square feet, according to Apartments.com. The property is also home to several community amenities, including a swimming pool and playground.
The property’s new owner, Convenient Holdings, is a real estate investment company with a focus on acquiring residential assets. The firm’s LinkedIn page shows that Convenient Holdings was founded in Los Angeles in 2021 and acquires multifamily properties throughout the Western United States.
The Landing is located just south of the Ontario International Airport and near the junction of route 60 and Interstate 15. The surrounding area is primarily residential with several commercial uses as well.
While the Inland Empire as a whole continues to be a major hub for industrial real estate, a number of multifamily properties have traded in the region over the past few quarters.
In one recent transaction, Los Angeles-based Archway Equities acquired The Paseos at Montclair North, a 385-unit multifamily community located at 4914 Olive St. in Montclair. The property was sold by an entity linked to developer Geoff Palmer for $150 million, or approximately $389,610 per unit.
In another recent transaction, a 70-unit multifamily property in San Bernardino traded for $21.5 million, or about $307,142 per unit. Known as Loma Villas, the property is located at 415 E. Commercial Road and offers a mix of studio, one- and two-bedroom apartments.