Rancho Cucamonga apartment complex sells for $123 million

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-squarefoot apartment up to $3,400 for a three-bed, 1,312-squarefoot unit, according to Apartments.com.

It 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 recordhigh average of $1,941.