FONTANA, CA—Phoenix Realty Group has sold the 120-unit apartment complex Cielo Vista to an unnamed Southern California private investor. Terms of the deal were not disclosed.
The 109,344-sq.-ft., six-building complex is located on 6.2 acres and includes amenities such as a swimming pool, hydrotherapy spa, fitness center, playground and controlled access gates. The one- and two-bedroom units are roughly 879 sq. ft. and include in-home washer/dryers, walk-in closets, nine-foot ceilings and private patios or balconies.
“Due to its position in the submarket as the only fully amenitized core housing, Cielo Vista is positioned to benefit from strong operations and robust projected rent growth,” said Joseph Smolen, director of Institutional Property Advisors, in a statement.
Smolen, as well as Ronald Z. Harris, IPA executive vice president, and Alexander Garcia Jr., Marcus & Millichap SVP, represented Phoenix Realty Group. Smolen, Harris, Garcia and Steve Hsu, vice president investments of Marcus & Millichap, represented the buyer.