WesternRealty Advisors, an affiliate of Western National Group, has acquired Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, Calif., for $100.875 million.
The property, which consists of two separate, adjacent,properties, will be operated as one community and managed by Western National Property Management. Mike Murphy of Moran and Co. facilitated the transaction on behalf of seller JP Morgan.
“The Ironwood and Fairway Palms community is extremely well located as part of Rancho Cucamonga’s master plan, and is one of the few communities in the area with golf course views,” Jerry LaPointe, vice president of Western National Realty Advisors, said in a statement. “We anticipate a high performance outlook based both on the location, as well as the property’s already robust 95 percent occupancy rate. In addition, we expect increased renter demand for this type of class-A multifamily community as the economy makes a comeback, adding to the future profitability of this acquisition.”
According to LaPointe, the excellent location and condition of Ironwood and Fairway Palms makes it a strong fit within the existing Western National portfolio.
“This community has been professionally maintained since it was developed in 2002 and is in excellent condition,” LaPointe added. “Because of the high level of maintenance and the relatively new age of the properties, we do not anticipate that any immediate renovations will be necessary.”
This acquisition marks the final transaction under the company’s Western National Realty Fund II L.P., the firm’s second private equity fund. “Under Fund II, Western National Group completed six acquisitions, and five developments in Southern, Colorado and Utah,” Rex DeLong, president of Western National Realty Advisors, said in a statement. “We anticipate that Fund III will materialize in the coming months, which will fund additional acquisitions, development and growth for the company in 2013.”
Ironwood and Fairway Palms is made up of one-, two- and three-bedroom units, with class-A features like 9-ft. ceilings, central air conditioning and in-unit washers and dryers. Each property’s amenities include a clubhouse, pool and spa, outdoor fireplace and seating areas and a fitness center. The community is located in the heart of the master-planned Rancho Cucamonga, across from Ontario Mills Mall and the Empire Lakes Golf Course. The property is also located in close proximity to the 10 and 15 freeways, the San Bernardino Metrolink line and the OntarioAirport.