Barely four years from start to finish, Willow Townhomes, a newly built, 39-unit community in Ontario has traded hands for $17.4 million or $435,897 per unit.
The city agreed in 2021 to sell a vacant lot at 221 N. Mountain Ave. to Tipping Development Inc. in Monrovia for $833,000.
What once was a blighted property quickly transformed into modern townhomes with garages featuring EV-charging systems. Units include modern amenities such as new finishes, in-unit laundry and balconies.
CBRE said a foreign investor bought the property, but declined to identify them. The brokerage represented the seller, 221 N Mountain Ave Holding LLC.
The complex includes one- and two-bedroom units just under 1,000 square feet. Rents range from $2,995 – $3,020, according to apartments.com.
The property was once home to “numerous nuisance conditions” including illegal dumping and possibly including hazardous materials, according to a staff report by Scott Murphy, executive director of Community Development.
Ontario apartments sell for $46 million
Rancho Vista Apartments, a 125-unit complex in Ontario, recently sold for $46,275,000, or $370,200 per unit.
The seller, Clear Capital in Reno, and the buyer, Convenient Holdings in Santa Monica, were represented by Institutional Property Advisors, a division of Marcus & Millichap.
Built in 1984, the community at 1037 N Archibald Ave. features two- and three-bedroom floor plans with direct access to two-car garages and washer and dryer connections. Other common amenities include a fitness center, swimming pool, picnic area, private yards and children’s park.
“Previous ownership installed a solar panel electric system that offsets residents’ electric bills, reduces common area electric charges, and allows for the sale of renewable energy credits for cash,” said Kyle Pinkalla, IPA senior vice president.
Rents for the apartment complex were not available online, and IPA’s team said the new owner can look forward to “rental lifts upon completion of additional unit renovations and community enhancements.”
Hospitality Lane hub sells for $6.8 million
A 44,290 square-foot retail and commercial hub in San Bernardino recently sold for $6,789,000 in an all-cash deal, according to Progressive Real Estate Partners.
The multi-tenant center at 165 E. Hospitality Lane is part of what’s called the Tri City Commercial Hub/Hospitality Lane District at the 10 and 215 freeways.
Progressive represented the seller, based in Los Angeles. The buyer was only described as an Orange County investor who owns other Inland Empire commercial properties.
Built in 1980, the center includes two buildings divided into suites ranging in size from 950-1,930 square feet. The property has 24 tenants including restaurant, healthcare, education, fitness, finance, office and retail users.
On the move
C. David Ross is the new chief financial officer at KPC Health in Corona. Most recently, he was an executive consultant to providers and companies in the healthcare sector. Before that, Ross was chief operating officer and CFO at Tenet Healthcare Corp.’s Michigan/Illinois Group and Detroit Medical Center. KPC Health hospitals include facilities in Orange County, Hemet, Menifee and Victorville.
Appointments
Temecula resident Mayumi Kimura was recently appointed by Gov. Gavin Newsom as deputy secretary of Woman Veterans at the California Department of Veterans Affairs. She is the founder and director of Warriors Insight Therapy and was a readjustment counselor at Lowell Vet Center from 2019 to 2022. This position does not require Senate confirmation, and the compensation is $154,860. Kimura is a Democrat.
Correction
The upcoming Vallarta Supermarket is coming to Village West in Hemet. Last week’s column was missing the “West” designation. Our thanks to reader Diane for pointing this out. The new grocery store is due to open in late March, if construction goes according to the plan.
News you might have missed
Mortgage relief: California’s housing authority last week OK’d a plan by Gov. Gavin Newsom to provide $125 million in mortgage relief to disaster victims dating to 2023. The money, expected to be available by June 1, comes from a multibillion-dollar settlement that penalized several big lenders accused of misconduct during the subprime mortgage crisis in 2008. Pat Maio reported on Friday that $100 million would be used to pay the mortgages of low- to moderate-income homeowners for three to six months.
Taco Bell dabbles in churros: The fast food giant based in Irvine is offering the sweet treat for a limited time, food writer Fielding Buck reported last week. The partnership with Milk Bar will offer up a $2-$3 Birthday Cake Churro filled with frosting and topped with confetti sprinkles.
Hooters weighs bankruptcy: The restaurant chain, known for its skimpy server uniforms and double-entendre owl mascot, is working with creditors on a plan to restructure the business through bankruptcy court, according to Bloomberg. The company has seven locations in California, including one at Ontario Mills.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images can also be submitted. Allow at least one week for publication. Items are edited for length and clarity.
