INTERWEST CAPITAL CLOSES ESCROW ON $45M OFF MARKET COMMUNITY IN ONTARIO, CA
SAN DIEGO, CA – Interwest Capital Group, a prominent California-based real estate investment firm, recently closed escrow on the “off-market” purchase of Renew Mills, a high quality , multi-family community in Ontario, California. Renew Mills, which has been rebranded to Veranda Ontario, was constructed in 1987 and is comprised of 142 units. This marks Interwest Capital’s second acquisition in Southern California’s Inland Empire this year.
Avenue5 Residential will provide property management services. The acquisition was overseen for Interwest by Elliott Burrell and Chris Nesbitt.
Elliott Burrell Interwest Capital’s Director of Acquisitions, described the investment as follows, “Renew Mills, or Veranda Ontario as we now call it, presented the opportunity to acquire and reposition a quality asset in one of the strongest rental markets in the US with attractive financing resulting from a loan assumption. The property is located in an idyllic residential neighborhood, with easy access to both the Ontario International Airport as well as the Riverside Metrolink light rail which will provide our residents with an easy commute to both Orange County and Downtown Los Angeles. Veranda Ontario will undergo $2,000,000 in renovations and upgrades. The planned renovations for the community include a substantial upgrade to the common areas & unit interiors. These capital projects will improve the community in a meaningful way, setting the bar for the local market.” He added, “Increased cost of living in Los Angeles and Orange County have driven businesses and residents to relocate to the Inland Empire. This has led to a year-over-year rent growth in the submarket of 16% from Q1 2021 to Q1 2022, and we project another 7% growth over the next 12 months.”
Veranda Ontario follows Interwest Capital’s recent $35 million acquisition of Veranda Riverside, located in nearby Riverside, CA. Interwest Capital is a San Diego-based real estate firm with apartment communities and hotels throughout the US. Since Its founding in 2003, the firm has executed transactions in excess of $2.1 billion in real estate. The company is headed by Alex Roudi.