Marcus & Millichap announced the sale of a nine-property portfolio of eight apartment buildings and a four-tenant retail center in Fontana, Calif. The properties sold for $25.4 million.
Marcus & Millichap represented the seller, EK Apartments, and procured the buyers.
The portfolio has 108 residential units and a 10,627-square-foot retail center 100 percent occupied by a mini-mart, laundromat, restaurant and dessert shop. Constructed mostly in the 1980s, most of the residential assets have two-bedroom floorplans with 70 percent below-market rents.
The properties are located near Historic Route 66/Foothill Boulevard, two miles from Interstate 10, which gives tenants access to Los Angeles and Palm Springs. Nearby dining and shopping options include Cardenas Markets, Walgreens, Superior Grocers, El Super, Stater Bros. Markets and Smart & Final. Downtown Fontana, the Fontana Metrolink Station and the Chaffey College Fontana Campus are within a short driv
