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The sale of a nine-property portfolio consisting of eight apartment buildings and a four-tenant retail center in Fontana has been successfully closed by Marcus & Millichap. The properties were sold for $25,486,000.
According to Douglas McCauley, senior managing director investments at Marcus & Millichap’s Ontario office, the team conducted over 50 property tours and received more than 30 offers. They also negotiated nonrefundable deposits for the seller and closed with six different buyers. All transactions were completed quickly with either all-cash or seller financing at sub 4% capitalization rates.
McCauley worked alongside David Covarrubias and Bruce Rajaee from Marcus & Millichap to represent the seller, EK Apartments LLC, while also procuring the buyers.
The portfolio includes 108 residential units and a fully occupied retail center spanning over 10,000 square feet that features a mini mart, laundromat restaurant,and dessert shop. Most of these assets were built in the 1980s with two-bedroom floor plans comprising majority of them; however,the rents are currently below market value by approximately70%.
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