Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Terracina Apartment Homes, a 736-unit garden-style apartment community located in Ontario, California. The $142.1 million sales price equates to more than $193,000 per unit.

“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,” said Greg Harris, IPA senior director.

Harris and Stewart Weston, also an IPA executive director, Kevin Green, Alexander Garcia Jr., Joseph Grabiec and Christopher Zorbas, all IPA senior directors, David Sperling, IPA director, and John Montakab, IPA associate director, represented the seller, a joint venture partnership between MG Properties Group and Rockwood Capital.

One of the largest multifamily communities in the Inland Empire, the property is located on two parcels totaling 41.3 acres at 3303 South Archibald Ave., within the borders of Ontario Ranch, an 8,200-acre master-planned community.

“The investment appeal of this asset is driven by stable operations, economies of scale provided by the asset size, upside through the expansion of the interior renovation program implemented by prior ownership, and the opportunity for substantial amenity improvements,” adds Green.

“The intense competition for high-quality multifamily assets in primary markets has led many investors to look to secondary markets like Ontario with strong fundamentals and growth potential,” said Garcia, who is based in the Inland Empire. “The high level of interest we received on Terracina Apartment Homes is reflective of this national trend.”

Marcus & Millichap today announced its Institutional Property Advisors (IPA) division has arranged the sale of The Hawthorne at Gillette Ridge, a 246-unit luxury multifamily community in Bloomfield. The $52 million sales price equates to more than $211,000 per unit.

“The property was constructed on a 612-acre mixed-use campus in 2004 by a partnership between Cigna and The Bozutto Group,” says Victor Nolletti, an executive director of IPA’s Northeast and Florida team. “The construction quality and proximity to West Hartford, and to Hartford’s central business district, make The Hawthorne at Gillette Ridge one of the most desirable properties in the market.”

“The acquisition of this property gives the new owner significant value-add potential through high-end kitchen and bath upgrades,” adds Steve Witten, also an executive director of IPA’s Northeast and Florida team.

Nolletti and Witten represented the seller, Bouwfonds Hawthorne LP and procured the buyer, White Eagle Property Group.

The Hawthorne at Gillette Ridge is four miles from Interstate 91 at 2 Francis Way in Bloomfield near the region’s high-end dining, shopping areas and entertainment venues. Nearby major employers include United Technologies, the Hartford Financial Services Group, Aetna, St. Paul Travelers Cos., Hartford Hospital, Bank of America and St. Francis Hospital.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Mohawk Apartments, a six-building, 91,514-net-rentable-square-foot multifamily property in Brooklyn. Purchased for $56.5 million, the sale of the 86-unit property equates to over $657,000 per unit.

“This is the first time the Mohawk Apartments has traded hands in 30 years,” says Peter Von Der Ahe of IPA. “With rents currently 50 percent below market value, the asset presented investors with a rare opportunity to acquire an architecturally significant property with tremendous value-add potential.”

Built in 1905 and rehabilitated in the 1980s using federal historic preservation tax credits, the asset encompasses six buildings on a 2.61-acre parcel. The buildings are located at 369-379 Washington Ave., and 76-84 Saint James Place and are composed of a mix of one-, two- and three-bedroom apartments, as well as a commercial unit.

“When Mohawk Apartments was rehabilitated in the 1980s, the interior was rebuilt with large loft layouts, which are conducive to a long-term condominium conversion program and present further opportunity for the new owner to unlock additional value,” says Joe Koicim of IPA.

“Clinton Hill is one the most charming submarkets in New York City. There was substantial competition for this property, resulting in all-cash transaction at an above market rent multiple,” adds Shaun Riney of Marcus & Millichap

Von Der Ahe and Koicim, along with Riney, James Saros and Michael Salvatico, in Brooklyn, represented the seller and procured the buyer.