RANCHO CUCAMONGA, Calif. – The Mogharebi Group (“TMG”) has completed the sale of the BelAire Apartments community in Rancho Cucamonga, CA. The property sold for a total of $92,000,000, with the buyer assuming the existing loan. Ben Ketel of The Mogharebi Group represented the seller, FPA Multifamily, and the buyer, R.W. Selby & Company.
Built in 1986, BelAire Apartments is a 262-unit residential complex located at 8255 Vineyard Avenue in Rancho Cucamonga. The community sold for $92,000,000, equating to $351K per unit and $417 per square foot. The property comprises 27 total residential buildings totaling 220,858 rentable square feet sitting on 14 acres of land. BelAire features spacious 1 and 2-bedroom floor plans with an average size of 843 square feet. The property amenities include a clubhouse and covered parking within a gated community.
About The Mogharebi Group (TMG): The Mogharebi Group is an advisory firm specializing in the multifamily property sector throughout the Western United States. With unparalleled local knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800MM in regularly revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
