Apartment Community in SoCal’s Inland Empire Sells for $323,718 Per Unit
By Greg Cornfield May 11, 2023 3:20 pmreprints
The multifamily market in Southern California’s Inland Empire is attracting investors’ attention as more people flee Los Angeles.
Real estate investment company Convenient Holdings has put down $50.5 million for a 156-unit multifamily community in Ontario, Calif., Commercial Observer has learned. The deal for The Landing Apartments pencils out to $323,718 per unit.
Alex Mogharebi, Otto Ozen and Bryan LaBar of The Mogharebi Group (TMG) brokerage announced the deal and represented the seller. Property records show it was owned by an entity named Sir James LP, tied to an individual named Rafael Jung in Orange County.
The garden-style apartment community at 3364 Honeybrook Way includes a mix of one-bedroom and two-bedroom units ranging from 704 to 1,108 square feet. The property also includes a pool and spa, a tennis court, and private access to a community lake.
The Inland Empire is traditionally more affordable for tenants than along the coast, though average rents are still above national levels. The region saw increased growth after the pandemic hit in 2020 due to the rise in remote work.
“There is little relief for the current supply-demand imbalance with very few new units scheduled to be delivered in the foreseeable future, so The Landing represented an excellent opportunity to fill the need for well-located, quality rental housing,” TMG’s Bryan LaBar said in a statement.
Charlie James and Daniel James started Convenient Holdings in L.A. in 2021.
Gregory Cornfield can be reached at email@example.com.