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Multifamily

Avante Apartments

Ontario, CA

165 Units

Built in 1984

Value Add

Investment Highlights

  • The property presents a compelling value-add opportunity. The majority of units have received modest upgrades during turns, including 75 units having been renovated to the R3.
  • Significant investment into community amenity upgrades have been completed. The leasing office/business center remodel and state-of-the-art fitness center construction are well underway.
  • The owner has installed a solar panel electric system at the property, which generates value by offsetting residents' electric bills, reducing common area electric charges, and allowing RECs.
  • On July 15, 2021, the "low income" requirement expired, effectively freeing 20% of the units to market rental rates. The current "moderate income" requirement remains in effect until February 2059. These requirements restrict the allowable income of 10% of the residents to 110% of AMI and still subject to rent restrictions on those units.
  • Part of a three-property portfolio in Ontario¬†including Encore Apartments and Rancho Vista Apartments, totaling 445 units. Can be offered on an individual or portfolio basis.¬†
  • Existing financing assumable solely at lender's discretion*.

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