Waterton Acquires 736-Unit Terracina Apartment Community In Ontario, CA
(May 26, 2022 – Chicago, IL) –Waterton, a national real estate investor and operator, today announced it has acquired Terracina at 3303 S Archibald Ave. in Ontario, CA. The 41.3-acre community includes 46 two-story residential buildings comprising 736 apartment homes and a clubhouse. The property will be rebranded as Citrine Hills.
“The Southern California market has exceptional apartment market fundamentals and we were attracted to Terracina for its complexity, size and value add potential,” said Jeremy Stern, vice president, acquisitions at Waterton. “Terracina is well-suited to complement our existing portfolio in the region and we look forward to implementing our signature value add program with in-unit upgrades and amenity enhancements to bring the community in line with competing product in the region”.
Built in 1989, Terracina is centrally located in the Greater Ontario submarket of the Inland Empire region, one of the top population growth markets in Southern California, according to CoStar. The location, immediately adjacent to the western side of Interstate 15, provides convenient access to major retail and employment hubs in Southern California. Terracina is situated in what is now known as the Ontario Ranch master planned community, which is in the early phases of a long-term build-out plan that includes 16 million square feet of new commercial space, eight new schools, an expansive park and trail system and 1,000 acres of new public open space.
The unit mix at Terracina includes 288 one-bedroom, 128 two-bedroom / one-bathroom, and 320 two-bedroom / two-bathroom apartment homes with an average unit size of 874 square feet. Renovation plans include updates to existing finishes in all residences from vinyl plank flooring and new carpet throughout, to stainless steel appliances, quartz countertops, new cabinet fronts and backsplashes, and the addition of a washer/dryer in each residence. The renovation scope also includes updates to common areas and building and mechanical systems.
Residents at Terracina have access to four swimming pools, two jacuzzis, two fitness centers, two soccer fields with surrounding running paths, two dog parks, a pet wash, outdoor barbecue areas, a tennis court, a business center, furnished sundecks, and water features throughout the grounds. The property also features 84 garages and 801 carports.
“The apartment homes at Terracina present a relatively affordable alternative to surrounding areas in Southern California,” said Stern. “And, the large scale enables it to offer one of the most extensive amenity packages in the submarket, a key differentiator for the asset. In addition, the strong demographics and employment growth in Southern California have bolstered historically solid apartment market dynamics.”
The combination of a well-educated population, and a constant focus on new developments, continues to attract employers to the Southern California market with healthcare, transportation and logistics professionals representing the primary economic sectors of the region. Amazon recently signed its largest lease in the U.S. just a few miles away from the property.
Waterton is a real estate investment and property management company with a focus on U.S. multifamily, senior living and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of December 31, 2021, Waterton’s portfolio includes approximately $9.1 billion in real estate assets. Visit Waterton’s website: www.waterton.com