The Landing Apartments in the Inland Empire Sells for $51M, Demonstrating Impressive Value Growth

By: Sharjeel Sohaib

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May 17, 2023

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  • The Landing Apartments in Ontario, California, sold for an impressive $51 million, showcasing significant appreciation in value since its acquisition in 2002 for $11.4 million.
  • The Mogharebi Group (TMG) facilitated the successful sale, connecting the seller with a Los Angeles-based investor and solidifying the property’s substantial market value.
  • With attractive amenities and a prime location near Ontario International Airport, Kaiser Permanente Ontario Medical Center, and Westwind Park, The Landing Apartments offers residents a desirable living experience in the Inland Empire.

The Landing Apartments, a 156-unit community in Ontario, California, has recently changed hands in a significant transaction. The property, known for its attractive features and prime location in the Inland Empire, was sold for $51 million.

A Steep Increase in Property Value

The sale of The Landing Apartments for $51 million showcases an impressive appreciation in value since its last trade in 2002. Back then, the property was acquired by an Orange County-based family for $11.4 million, illustrating a remarkable increase over the past two decades.

TMG Facilitates the $51M Deal

The sale of The Landing Apartments was assisted by The Mogharebi Group (TMG), a prominent brokerage firm. Representing the seller, TMG played a pivotal role in connecting the buyer, a Los Angeles-based investor, with this Class B property. The transaction reached $50.5 million, solidifying the property’s substantial market value.

Amenities and Location Highlights

Constructed in 1986, The Landing Apartments encompasses 156 units spread across 11 buildings. The community offers an array of well-designed one- and two-bedroom floorplans, ranging in size from 704 to 1,108 square feet. Residents enjoy many amenities, including a swimming pool, a spa, a tennis and pickleball court, two laundry facilities, controlled access, and an ample parking space accommodating approximately 300 vehicles.

Situated at 3364 Honeybrook Way, the garden-style community boasts a prime location just south of the bustling Ontario International Airport. Within a 5-mile radius, residents have easy access to Kaiser Permanente Ontario Medical Center and the recreational opportunities offered by Westwind Park.

A Strong Track Record in Real Estate

The Mogharebi Group (TMG), a trusted name in the real estate industry, has once again demonstrated its expertise in facilitating lucrative transactions. TMG’s Executive Vice President Otto Ozen, Senior Vice President Bryan LaBar, and President Alex Mogharebi effectively represented the seller, showcasing their proficiency in navigating complex deals.

This sale of The Landing Apartments adds to TMG’s recent successes, including their representation of Positive Investments in the $15.8 million sale of a 142-unit community in South Sacramento, California. The firm’s continued achievements highlight its commitment to delivering exceptional results.

Conclusion

The sale of The Landing Apartments in Ontario, California, depicts a remarkable appreciation in property value since its acquisition in 2002. TMG’s expertise in real estate transactions and the community’s attractive amenities contributed to the success of this deal. The sale further reinforces TMG’s reputation as a leading brokerage firm in the market.

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