CBRE Announces the Sale of The Village on 5th, a 264-Unit Senior Housing Property in Rancho Cucamonga, CA, to Greystar Real Estate Partners

CBRE announced the sale of The Village on 5th, a 264-unit 55+ age-restricted, multifamily community in Rancho Cucamonga, Calif. Acacia Capital Corporation sold the property to Greystar Real Estate Company.

CBRE’s Dean Zander and Stewart Weston brokered the deal, and the CBRE Debt & Structured Finance team led by Trevor Breaux and Troy Tegeler assisted the buyer with placing new fixed rate financing.

Village on 5th is one of only three market-rate, age-restricted multifamily communities completed in the region within the last two decades. The 2006-constructed property is adjacent to the newly built, affluent urban village known as The Resort.

“Village on 5th is a true ‘best-in-class’ asset and poised to be a market leader in the submarket for years to come,” said Mr. Zander, an executive vice president at CBRE. "The investor plans to perform some cosmetic upgrades to the original interiors and common areas."

Senior housing in the Inland Empire has experienced healthy demand partly because less than 1,700 senior apartments have been added over the last 10 years. Combined with a competitive rent-to-income ratio, the Inland Empire is positioned to continue its strong market fundamentals.

“The Inland Empire has enjoyed one of the fastest-growing economies in the nation,” said Mr. Weston, an executive vice president at CBRE. He added, “Businesses are thriving due to the increasing number of high-paying jobs, connectivity to neighboring metro centers, and explosive growth of the industrial sector.”

The population of the western Inland Empire city of Rancho Cucamonga has increased 38% since 2000 and is now the 28th largest in the state. The area attracts residents due to the business-friendly environment, more-affordable housing options, and high-quality schools. The city’s four public high schools earned the Silver distinction by U.S. News & World Report (in 2015) and were named California Gold Ribbon Schools (in 2017).