Buyer assumes existing loan on $92 million sale of BelAire Apartments

262-Unit, $92 Million Sale in Rancho Cucamonga, CA

Thursday, December 9, 2021

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.