ONTARIO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Terracina Apartment Homes for $142.1 million or $193,000 per unit. Terracina Apartment Homes a 736-unit garden-style apartment community located in Ontario, approximately 40 miles east of Los Angeles.
A joint venture partnership between MG Properties Group and Rockwood Capital sold the property, which is located on two parcels totaling 41.3 acres. The complex, located at 3303 S. Archibald Ave., is situated within Ontario Ranch, an 8,200-acre master-planned community.
Terracina Apartment Homes was built in 1988 and features amenities such as a resort-style pool, spa, lounge and fitness center.
A team comprised of Greg Harris, Stewart Weston, Kevin Green, Alexander Garcia Jr., Joseph Grabiec, Christopher Zorbas, David Sperling and John Montakab of IPA represented the seller.
MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multifamily assets.
Rockwood Capital LLC is a real estate investment management firm that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research throughout the United States.