In the largest single multifamily sale ever in the Inland Empire, a JV of San Diego-based investor/operator MG Properties Group and Rockwood Capital has sold the Terracina Ontario apartment community for $142M, or more than $193k/unit, to an undisclosed institutional investor. The deal’s cap rate was 6.29%.

“Terracina was a great investment for our partnership with Rockwood Capital,” says MG Properties founder and CEO Mark Gleiberman. “It is a well-located property that still offers excellent potential for the buyer." The MG Properties-Rockwood Capital JV paid $95M for the community in January 2013.

Built in 1988, the 736-unit, garden-style complex features a resort-style pool, a spa, a lounge and a fitness center. The property is on 21 acres at 3303 S Archibald Ave within Ontario Ranch, an 8,200-acre master planned community in South Ontario. The location provides convenient access to the I-15 and Highway 60 and nearby retail amenities, as well as accessibility to major job corridors throughout the Inland Empire and east LA County.

“The acquisition of this property is proof of the hearty appetite that institutional investors have for well-located suburban multifamily properties in the Inland Empire,” says Greg Harris, senior director at Marcus & Millichap’s Institutional Property Advisors (IPA) San Diego office. He, along with IPA executive director Stewart Weston; senior directors Kevin Green, Alexander Garcia Jr, Joseph Grabiec and Christopher Zorbas; IPA director David Sperling; and associate John Montakab, repped the sellers.