CBRE announced the sale of Hallmark at Mission, a 75-unit multifamily community in Ontario, Calif., to a private foreign investor for $28 million.
Eric Chen of CBRE represented the seller, a private investor.
Located at 840 S. Magnolia Avenue, the four-story property was originally constructed in 2019. The unit mix is comprised of one- and two-bedroom apartments. Community amenities include a swimming pool and spa, clubhouse, fitness center and private attached garages. The property is less than three miles from I-10, connecting the area to other parts of Southern California.
“Hallmark at Mission is a quality asset located in one of Southern California’s fastest-growing submarkets,” said Chen. “This property has performed very well throughout the pandemic and is poised for future rent growth.”
He added, “This was an all-cash transaction from an overseas buyer looking to place capital as long-term and generational investment.”
CBRE’s Chen also represented the buyer.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
