San Diego-based Interwest Capital Group paid $45.6 mil for ReNew Mills, a 1980’s built 142-unit multifamily community in Ontario. Located at 551 East Riverside Dr, adjacent to the Ontario Ranch master-planned community, the property sits centrally within the expanding Inland Empire market.
Situated on 8.8 acres, ReNew Mills features a variety of community amenities including fitness center, resident clubhouse with pool table and lounge, dog park, and resort-style pool and spa. Apartments feature large closets, vaulted ceilings, air conditioning, fireplace, and private balcony.
The buyer has extensive experience in restructuring multifamily properties through value-add programs and plans to complete upgrades at ReNew Mills, including interior and exterior improvements.
CBRE’s Dean Zander and Stewart Weston represented the seller, FPA Multifamily, in the transaction.
“The increase in demand for high-quality renovated suburban product has pushed rental rates to new highs over the past year,” said Zander. “The area’s robust economic and population growth has created an incredible market for these types of properties.”
Added Weston, "Renew Mills has benefited from the phenomenal rent appreciation over the last couple of years, consistent with overall rent growth in the Inland Empire, which have exceeded 22% since the fourth quarter of 2019."
CIM Group Spends More Than $45 Million on Property in Los Angeles and West Hollywood
A nearly 2-acre property straddling the border of West Hollywood and Los Angeles was sold to CIM Group. (CBRE)
Los Angeles developer CIM Group bought the 1.6-acre property around 1000 N. La Brea Ave. for roughly $46.5 million, according to statements from CIM and CBRE. The property consists of multiple parcels where a cement plant has been operating for roughly 60 years. The plant is expected to stay open as CIM Group figures out what the site's future is.
The seller, West Hollywood developer Faring, assembled the site in November 2019 for a combined $23.7 million, according to CoStar data.
The neighborhood has been teeming with development in recent years, particularly around the nearby Sycamore District along Sycamore Avenue. That's where Canadian developer Onni Group wants to build roughly 200,000 square feet of retail and office space at 7000 Romaine St., while CIM Group itself completed development last year on 926 Sycamore, an eight-story, 80,000-square-foot office and retail property.
The Sycamore District also features a number of upscale retailers and restaurants including Gigi's restaurant and luxury retailer Just One Eye.
Dean Zander, an executive vice president at CBRE who was involved in the deal, said in the brokerage's statement that the property received a considerable amount of interest because it's one of the last remaining commercially zoned parcels of significant size in the area. Stew Weston, an executive vice president at CBRE who also was involved in the deal, said in the statement the city of West Hollywood indicated it wants a large, mixed-use multifamily development on the property.
“The larger one-acre parcel could be developed into a luxury mixed-use apartment property, taking advantage of the area’s exceptional demographics and surrounding retail and lifestyle amenities, while the adjacent site at Sycamore Avenue is ideally suited for a creative office development,” Zander said.