ASB, Western National Group pay $227m for garden apartment in Inland Empire

ASB Real Estate Investments announced the acquisition of a 521-unit garden apartment complex in Inland Empire for $227 million in a joint venture partnership with Western National Group. ASB made the investment on behalf of its Allegiance Fund, a $7.4 billion core investment vehicle.

The seller was Mesirow Institutional Real Estate Direct Investments.

Located at 9200 Milliken Avenue on more than 20 acres near two major Southern California freeways—the I-15 and the I-10—the property known as Solamonte is 98.5 percent occupied, benefiting from strong supply-demand fundamentals in this Inland Empire submarket. Solamonte also features direct access to Metrolink, the regional commuter rail system, and is within minutes of the area’s most popular lifestyle shopping center, the 1.5 million-square-foot Victoria Gardens Mall. Downtown Los Angeles is within a 45-minute drive, and the adjacent highway system connects directly into job centers in Riverside, San Diego and Ora