The Heritage Park Montclair has 144 apartments. (Triumph Management Co. )
A Beverly Hills investor bought garden-style apartment complexes in Rancho Cucamonga and Montclair as the Inland Empire apartment market continues to improve for landlords.
Triumph Management Co. bought the 232-unit Heritage Park Alta Loma in Rancho Cucamonga and the 144-unit Heritage Park Montclair, both of which were built in the mid-1980s and serve only tenants who are seniors.
Terms of the purchase from Denver real estate investment trust Aimco were not disclosed, but real estate experts familiar with the Inland Empire valued the deal between $25 million and $30 million.
Triumph has a Southern California apartment portfolio of more than 1,200 units and has spent nearly $40 million in the last 18 months on properties in Los Angeles, Ventura, San Bernardino, Orange and San Diego counties, Vice President Noah Hochman said.
"Demographic and economic trends are creating a demand for rental housing, and with supply constrained in many parts of Southern California, we feel it is a very good time to buy," Hochman said.
Apartment vacancy in the Inland Empire will drop to 4.2% this year, the lowest level since the end of 2005, real estate brokerage Marcus & Millichap said. Rents will climb 3.4% to an average of $1,004 per month.
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