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Multifamily

Encore Apartments

Ontario, CA

155 Units

Built in 1984

Value Add

Investment Highlights

  • The property presents a compelling value-add opportunity. All but seven units have received at least modest upgrades during turns with 35% of units having been renovated to an elevated scope.
  • Significant investment into community amenity upgrades have been completed including complete remodel of leasing office and state-of-the-art fitness center.
  • 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 December 1, 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 20% of the residents to 110% of AMI, but no longer restrict rental rates on those units.
  • Part of a three-property portfolio in Ontario including Avante 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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