RANCHO CUCAMONGA –The Mogharebi Group ("TMG") has completed the sale of the BelAire Apartments community in Rancho Cucamonga, CA. The property sold for a total of $92,000,000, with the buyer assuming the existing loan. Ben Ketel of The Mogharebi Group represented the seller, FPA Multifamily, and the buyer, R.W. Selby & Company.
Built in 1986, BelAire Apartments is a 262-unit residential complex located at 8255 Vineyard Avenue in Rancho Cucamonga. The community sold for $92,000,000, equating to $351K per unit and $417 per square foot. The property comprises 27 total residential buildings totaling 220,858 rentable square feet sitting on 14 acres of land. BelAire features spacious 1 and 2-bedroom floor plans with an average size of 843 square feet. The property amenities include a clubhouse and covered parking within a gated community.