COSTA MESA, CALIF. (May 13, 2022) — The Mogharebi Group (TMG) representing the seller has arranged the $23.925 million sale—a record for its vintage—of Charlmont Village Townhomes, a 55-unit property in the Inland Empire city of Ontario, CA. The buyer of the nearly 100 percent occupied property is a private investment group from Beverly Hills, CA.
Built in 1984, Charlmont Village Townhomes offers two-, three-, and four-bedroom units that include attached two-car garages and large fenced yards. Spanning 12 buildings, the residences feature spacious, townhome-style floor plans with units averaging 1,102 square feet. Community amenities at the 3.57-acre property include a swimming pool, spa and lush landscaping.
Located at 1625 E. G St., Charlmont Village Townhomes offers easy access to the 10 Freeway and Ontario International Airport. The community is situated close to employment hubs and Ontario Mills, California’s largest outlet / value retail shopping destination, and is approximately 40 miles east of downtown Los Angeles.
The Charlmont Village Townhomes sales price of more than $436,000 per unit represented a 65% increase over last year’s per unit median price of $283,329, according to TMG research, and is indicative of the increasing investor appetite for multifamily assets in The Inland Empire. In fact, the Inland Empire earned the top spot nationally in multifamily ‘buy’ recommendations, according to 2022 Emerging Trends in Real Estate published by PwC and the Urban Land Institute.
“The median sales price for a single-family home in Ontario has risen 20 percent in one year to around $627,000, meaning more housing demand switching over to the rental market, which puts quality properties like Charlmont Village Townhomes even more in the spotlight,” said TMG Senior Vice President Bryan LaBar “Charlmont received a lot of investor interest because of those market dynamics, as well as its great location, value-add potential, and condo mapped exit strategy. Through our proprietary 1031 exchange platform that includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully go non-contingent on day-one”.
No Inland Empire city had a higher ‘housing needs assessment’ allocation than Ontario, which trailed only three Southern California cities – Los Angeles, Long Beach and Irvine – in the measure of how many residential units are needed to adequately address the housing imbalance, according to LaBar.