The Inland Empire has seen a surge in multifamily investment activity over the past several months. In one recent transaction, Texas-based MAG Capital Partners has acquired Charlmont Village, a 55-unit townhome community in the city of Ontario. According to reports from Commercial Observer, the property sold for $23.9 million, or about $434,545 per unit.
Located at 1625 G Street, the property consists of 55 two-story units with attached garages and private patios. According to the property website, the townhome community offers both two- and three-bedroom options, with rent ranging from $2,650 per month to $3,000 per month.
The property also offers a number of amenities, including a pool, spa, private fenced-in yards and upgraded features throughout.
Charlmont Village is located just off Interstate 10 and within a short drive of the Ontario International Airport and the Ontario Convention Center. Several other townhome communities, including Ontario Town Square Townhomes and Ontario Townhouses, are also within close proximity.
In general, the Inland Empire’s multifamily market has seen a significant amount of activity throughout 2022. According to a first quarter multifamily market report from Kidder Mathews, rental rates and construction is trending up as vacancy across the Inland Empire continue to lower. As of the first quarter of the year, the vacancy rate reached 2.6 percent, as opposed to 2.1 p;ercent a year prior. At the same time, average asking rents increased by 11.5 percent year-over-year to $1,726 per month. As properties continue to see higher occupancy rates, developers are also rushing to push out more product, with the repot showing a 35 percent increase in under-construction units over the past year.