ING Clarion has announced that it has acquired a partnership interest in the Missions at Chino Hills, a 240-unit class-A suburban luxury apartment complex in Chino Hills, California, for approximately €53,5 million (approx. $73 million).
The transaction was made on behalf of an open-end core commingled fund advised by ING Clarion, with the interest acquired from a partnership comprised of Cornerstone Apartment Fund I, a fund advised by Cornerstone Real Estate Advisers, LLC, and The Morgan Group, Inc. Marc Renard of Cushman & Wakefield in Los Angeles, California acted as broker on the deal. The Morgan Group, which will continue as a partner in the investment with ING Clarion, will remain as manager of the property following the transaction.
Chino Hills is a highly affluent, rapidly growing community with average household income of nearly $105,000 and limited new multi-family housing construction. Located at 3100 Chino Hills Parkway, the Missions at Chino Hills is comprised of 15 three-story walk-up buildings occupying approximately 243,000 ft² of space on 13 acres of land. The complex was developed in 2003 and is 100% occupied. Unit amenities include gourmet-style kitchens, attached and detached garages, and patios and balconies; property amenities include a resort style clubhouse, pool with spa, movie theatre, fitness center and putting green.
"The Missions at Chino Hills is an outstanding property located in one of the fastest-growing regions in the country," said Richard Pink, managing director at ING Clarion. "Supply in the area is constrained due to a shortage of available land, an extensive entitlement process and strict city enforced limits on new housing units, market conditions that are expected to drive rents. We continue to look favorably on the Southern California residential market, and are delighted to have this high quality suburban luxury apartment complex in our portfolio."