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Prices in the Inland Empire have maintained a lead over the national average, with the average sale price per unit growing at 12.8% year-over-year versus the 11% seen nationwide. Subsequently, cap rates have been compressed to 4.9%, which is -0.2% lower from Q1 to Q2 and -2.2% less year-over-year. The market has begun to cool off from the twelve-month price per unit average of $308,465, dropping to $245,257 per unit so far in Q2 of 2022. However, Ontario and Rancho Cucamonga have still seen two significant sales in Q2: Bridge Investment Group sold Citrine Hills, a 736-unit multifamily community in Ontario for $310 million which it had acquired previously 6 years ago for $142 million and The Angelica which TA Realty acquired for $133.65 million ($495,000/unit) in Rancho Cucamonga.
