ONTARIO, CA—A partnership of MG Properties Group and Rockwood Capital has purchased the 736-unit Terracina apartment complex for $95 million.
Terracina is at the intersection of Riverside Drive and Archibald Avenue near the I-15 and Highway 60 freeways. Amenities include two large common areas, a fitness center, pools, tennis courts, and scenic waterways. Mortgage financing was provided with two separate fixed-rate loans from Fannie Mae, arranged by Bryan Frazier of Walker & Dunlop. Greg Harris and Kevin Green of Institutional Property Advisors represented the buyer in the transaction, and Ed Rosen and John Chu with Cushman & Wakefield represented the seller.
The buyers plan to invest in Terracina’s common areas, grounds, and buildings, providing additional amenities and improving the living experience for residents. Moderate interior renovations will be performed on a portion of units to provide multiple levels of finishes, according to Justin Smith, MG’s senior vice president of investments. “We have been invested in the Inland Empire for more than a decade and believe in its economic potential to outpace much of California during the next decade,” he said in a statement. “We expect Terracina to benefit from renewed job growth driven by strengthening economic performance, an effect that we are already beginning to see in our regional portfolio.”
Since December 2010, MGPG has completed 17 apartment acquisitions totaling 4,421 units at a value of more than $500 million. MGPG anticipates closing an additional $200 million in acquisitions within the next 12 months.