Lee & Associates Transacts Sale of 240-Unit Apartment Complex in Ontario
Torrance, CA – April 5, 2011 – (RealEstateRama) — The Lee & Associates Multi-Housing Investments Group transacted the sale of Montierra Apartments, a 240-unit apartment complex at 1701 E. D St. in Ontario, CA for $35 million in a transaction that further demonstrates that investor confidence has returned to the Inland Empire.
The property was acquired by Jackson Square Properties from Coastal Ontario LLC, according to Jim Fisher, Mike Smith and Craig Stevens, principals at Lee & Associates who represented both the buyer and the seller in the transaction.
Built in the mid-1980s, Montierra Apartments is well-located near Ontario International Airport and the Ontario Convention Center.
Although apartment demand rose dramatically beginning in the second half of last year, the relatively swift close of the transaction was a function of the acquisition fulfilling the buyer’s1031 exchange requirement.
“Many investors anticipated the Inland Empire would be a slower market to recover because this market was especially impacted by the recession,” Fisher said. “However a number of transactions have taken place here in the last few months with others in the pipeline to follow.”
The increased demand for apartment assets, along with low interest rates has fueled the volume of apartment investment transactions throughout Southern California. Savvy investors will continue to turn to apartment assets as their investment fundamentals have outperformed office, retail, and industrial product types through the economic downturn.
“Interest in the Inland Empire has returned faster than many thought” said Fisher. “Apartment assets in that market and throughout Southern California are in scarce supply and will continue to be highly sought after as long as attractive financing is available.”
About Lee & Associates
Celebrating 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indiana, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
