March 31, 2020 – Avison Young announced today it has completed the off-market, $68 million sale of Arte, a 182-unit, luxury apartment community located at 10130 Foothill Boulevard in Rancho Cucamonga, CA.
Avison Young’s Peter Hauser, Matt Hauser and Masa Ito in the company’s Irvine, CA office, represented seller Fore Property, based in Santa Barbara, CA, as well as the buyer, an affiliate of Providence Capital Group, Inc. based in Encinitas, CA. The property closed at a price per unit of $373,626.
“Arte is a new high-quality multifamily asset located in one of the top rental markets of the Inland Empire. Our Avison Young team was honored to work with two outstanding principals in this significant transaction,” said Peter Hauser. “We have worked with Providence over the years, and forged a new working relationship with Fore Property, one of the top developers in our industry. This transaction was an ideal fit for both groups’ respective business plans.”
Built in 2019 and situated on 4.41 acres, the property consists of six, four-story buildings. The units offer 10 floorplans that include one-, two- and three-bedroom units featuring a patio or balcony, washer/dryer, stainless steel appliances, quartz countertops, hardwood-style flooring, and walk-in closets. On-site community amenities include an outdoor kitchen and BBQ fireplace, bar area, TV entertainment wall, fire tables, pool and spa, state-of-the-art two-story fitness center with spin/yoga room, dog park, and game room, among a number of other amenities.
Arte is just a short drive down Foothill Blvd. to Victoria Gardens, a 147-acre lifestyle center with an abundance of dining and shopping selections. It is also centrally located near the 210, 15, and 10 freeways and is less than four miles from the Ontario International Airport.