The 156-unit Landing Apartments in Ontario sold for $50.5 million, according to The Mogharebi Group in Costa Mesa.
The seller was identified only as an Orange County-based family that has owned the property for 20 years.
The complex at 3364 Honeybrook Way has a pool and spa, tennis court, carport parking and a private-access community lake. Monthly rent at the complex ranges from $1,995 to $2,395 for one or two-bedroom units, according to Apartments.com. The website showed no available units as of May 19.
“Despite a very challenging capital markets environment, we were able to generate more than 20 offers on The Landing, ultimately selling the legacy asset to a Los Angeles-based investor,” said Otto Ozen at TMG.
McD’s hiring 1,000 for summer work
McDonald’s restaurants in Southern California are hiring roughly 1,000 employees this summer.
Job seekers can apply to one of the 600-plus local restaurants today. The fast-food chain offers flexible scheduling that’s available online so updates and availability and time-off requests are within easy reach.
Hourly wages start at $16.25 – $18, depending on the role.
Interest applicants can text ‘apply’ to 38000 to start an application via text or go online to jobs.mchire.com.
Pilot Travel opens in Rialto
A Pilot Travel Center #1328 in Rialto opened May 19 and celebrated the milestone with a $20,000 donation to the Rialto Unified School District.
The mega-gas station at 2325 Sierra Lakes Pkwy., adjacent to the 210 freeway, has a Cinnabon and Arby’s restaurants, eight fuel lanes, seven showers and 91 public parking spots. Other amenities include WiFi, a CAT scale for truckers and a public laundry.
Paseos apartments in Montclair sell for $150 million
Archway Equities, a Beverly Hills investment firm, paid $150 million for The Paseos at Montclair North, a 385-unit apartment complex in Montclair.
The seller was identified as 4914 Olive Street Properties LLC, which lists real estate developer Geoff Palmer of Beverly Hills as its primary manager-owner, according to PropertyShark.
Archway said the Paseos deal was its first multifamily acquisition in California. Much of its portfolio stretches across the South’s Sunbelt.
SEE MORE: Corona Lakeside Logistics Center sells for $325 million
“Somewhere along the way, cap rates between the Sunbelt and coastal markets inverted, and select pockets of Southern California should now provide more attractive risk-adjusted returns in the current environment,” said Sean Moghavem, Archway president.
The firm hailed the multifamily transaction as the largest in Southern California in 2023, citing CoStar data.
“With a lot of institutional capital sitting on the sidelines, there are very few firms that would be able to close on a transaction of this size,” said Sankeerth Pulusani, managing director at Archway. “Consequently, we believe that we were able to acquire the best asset in this submarket.”
HOUSING NEWS: Loma Villas apartments sell for $21.5M to investor
A report by YardiMatrix shows limited apartment growth in the Inland Empire is pushing up property values “considerably,” to an average price perunit of $337,276, with more than $4.5 billion in sales in the past 24 months.
The Inland Empire had just 404 new apartments come to market in 2022, an 81% decline from 2021 when 2,136 new units opened. The region has at least 4,737 apartment units under development now, YardiMatrix researcher shows.
The Paseos at 4914 Olive St. is a short drive to the 10 freeway and offers studio, one-, two- and three-bedroom “Santa Barbara-inspired” townhomes built around a park with a pool. Rent ranges from $1,930 to $3,040, according to its website.
SEE MORE: Work begins on 50 new affordable homes in Ontario
Amenities include two pool areas with spas and cabanas, a fitness facility with a children’s entertainment suite, yoga room, conference center and an entertainment lounge.
Archway said the property was 97% leased when the deal closed.
The units, nearly 10 years old, have not been significantly updated since the property was developed in 2014, Archway said. The firm plans to add “designer touches” to the apartments in what Pulusani describes as a “modest renovation.”
Fenix Space lands science grant for Earth-space delivery tech
Fenix Space, a San Bernardino-based aerospace startup, has landed a $270,000 National Science Foundation grant to help the company expand orbital launch and hypersonic flight testing in the Inland Empire.
“The groundbreaking work of our local businesses help make the Inland Empire one of the fastest-growing communities in California and a hub for high-paying jobs in advanced manufacturing,” said Rep. Pete Aguilar, who facilitated the grant process.
Fenix, founded in 2017 and operating from 294 S Leland Norton Way, specializes in “Earth-space delivery” technologies that promises to “get your payload directly to its orbital destination on time” with no launch delays, according to its website.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to firstname.lastname@example.org. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.