Another day, another big apartment complex sale in the Inland Empire.
The 272-unit Camino Real Apartments in Rancho Cucamonga has traded owners for $123 million or $425,205 per unit, according to Vizzda, a commercial real estate data provider.
The complex was sold by San Mateo-based Acacia Capital Corp. to a real estate investment trust managed by TA Realty in Newport Beach.
The 249,658-square-foot complex built in 2002 on 20 acres comes with detached garages and a mix of one-, two- three-bedroom units. Rent at the complex ranges from $2,270 for a one-bedroom, one-bath, 720-square-foot apartment up to $3,400 for a three-bed, 1,312-square-foot unit, according to Apartments.com.
This is the second big apartment complex in San Bernardino County to sell for more than $100 million in recent weeks.
In early June, Waterton Residential paid $310 million for the 736-unit Terracina apartment complex, now called Citrine Hills.
Investors have been on a spending spree, steadily scooping up multifamily properties in the Inland Empire as tenants shifted east to lower-cost housing during the pandemic.
Other recent deals include the Foothill Ridge Apartment Homes complex, a sprawling, 29-building complex in Upland, which sold on June 14 for $82 million. Also in Ontario and just 3.5 miles west of Citrine Hills, the ReNew Mills apartment complex also sold in June for $45.6 million, according to CBRE.
The tenant migration means vacancy rates have sunk to record lows not seen in 20 years, according to a compilation of Southern California rent data from three apartment indexes. Inland Empire asking rents for vacant units in the first quarter of 2022 climbed 17.4% from early 2021 to a record-high average of $1,941.
72 million-dollar homes for sale in Riverside
Vistas at Mockingbird Canyon in Riverside, a development by Trumark Homes, has begun sales.
Prices start at $1.2 million and range up to $1.4 million, according to Trumark’s website.
The community has 72 single-family detached homes in two single-story and two two-story floor plans ranging from 4,113 square feet to 5,013 square feet. Homes range from four to five bedrooms and four-and-a-half bathrooms. All homes get a mudroom, covered outdoor living space and three- to four-car garages.
Buyers also can choose to add next-gen suites, a wine cellar, pool bathroom or an extended RV garage.
“This is an exceptional opportunity for homebuyers looking for spacious new homes on large private lots in Southern California, with convenient access to the mountains and the sea and all of the activities in between,” said Richard Douglass, Southern California Division president at Trumark Homes.
Builders in Riverside County have sold 623 new homes in a year, down 4%.
For more information on Vistas at Mockingbird Canyon or to join the interest list, go to trumarkco.com/neighborhoods/southern-california/vistas-mockingbird-canyon.
$800K for 4 Habitat for Humanity homes
U.S. Rep. Pete Aguilar has secured $800,000 in federal funding for four Habitat for Humanity homes in San Bernardino.
The homes will be built for disabled veterans, according to Aguilar. The money comes from Community Project Funding in the 2022 annual budget.
“I’m thrilled to have secured $800,000 to help build four new homes for disabled veterans here in San Bernardino,” Aguilar said in a statement. “I’ve been a supporter of Habitat for Humanity for many years and their mission has never been more important. Increasing access to local affordable housing is a top priority and I’ll continue to look for ways to secure much-needed funding.”
Rent aid program distributes $250M, winds down June 29
A key coronavirus aid program will end June 29, wrapping up two years of rent support for Riverside County tenants and landlords.
The United Lift Rental Assistance program will close its online application portal July 29.
United Lift, a collaboration among Riverside County, Inland SoCal United Way and Lift To Rise, helped local residents impacted by COVID-19 by providing rent and utility bill assistance.
By the end of 2022, the program will have disbursed more than $250 million countywide and helped 25,000 households, according to the United Way. The effort helped 100,000 residents stay in their homes.
“We want to thank all of the partners, community members and dedicated staff who united to make rental assistance a huge success in Riverside County,” said Michael Walsh, deputy director at Riverside County Housing and Workforce Solutions. “When we started this effort in the midst of the pandemic’s economic crisis, we did so with the goal of reaching everyone in the county in need of a lift to stay housed. Never did we imagine it would culminate in a program of unprecedented local scale to support 100,000 of our neighbors.”
Riverside County residents are still able to apply through the Unitedlift.org online application before July 29. Rental assistance, provided by various federal and local sources, will still be distributed through the end of 2022, as long as funding lasts.
United Lift said it will re-launch this fall as a collaborative eviction protection effort aimed at reducing evictions and keeping residents housed. Expect more details on that program in the coming weeks, reps said.
“We are 100 percent committed to keeping people housed in Riverside County,” said Heidi Marshall, Riverside County Housing Director. “The same vision and partnership that made rental assistance such a resounding success will be critical to our shared goals of reducing evictions in the short term and adding to the supply of affordable housing for the long term.”
Economic forecast is Aug. 8 in Temecula
The Temecula Valley Chamber of Commerce will host the 2022 Southwest Regional Economic Forecast from 7-10:00 a.m. Thursday, Aug. 18 at South Coast Winery Resort & Spa.
The forecast will be presented by keynote speaker Christopher Thornberg, director of the UC Riverside School of Business Center for Economic Forecasting. Local economic updates will be presented by city managers from Lake Elsinore, Menifee, Murrieta, Temecula and Wildomar.
Reservations are $60 per person (TVCC members), $80 per non-members attendee or $650 per corporate table of 10 (TVCC members) or $850 (non-members). Registration, as well as sponsorship opportunities, can be found at https://bit.ly/3n1Z9Qx. For more information, go to temecula.org or call 951-676-5090.
Winery address: 34843 Rancho California Road
ONT consultant appointed chief operations officer
James Kesler is the new chief operations officer at Ontario International Airport.
Previously a consultant for the airport, the Chino resident helped bring Amazon to ONT as an air cargo tenant, increased real estate revenue by more than $3.5 million and played a leading role in attracting new airline passenger services, according to airport officials.
“James is well-known and highly respected among our commissioners, staff and airline partners,” said Atif Elkadi, CEO of the Ontario International Airport Authority. “James’s experience and depth of knowledge have been critical to our airport’s success since the transfer to local ownership and his ongoing work will be vital to Ontario International’s position as an economic driver for Southern California as we move forward.”
A Utah native, Kesler has a Bachelor’s degree in mechanical engineering from Brigham Young University.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to email@example.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.