EL SEGUNDO, CA - An investment group led by Ocean West Capital Partners, Tiger Alternative Investors, and NH Investment & Securities, has closed on the acquisition of The Monterey, a newly built, 442-unit multifamily project located in the Inland Empire community of Corona, CA.
Completed in 2021, The Monterey features 442 one-, two- and three-bedroom units ranging in size from 726 square feet to 1,520 square feet. The property boasts an unrivaled modern amenity package, including two resort style swimming pools, expansive clubhouses with roof decks, fully equipped fitness, yoga and spin studios, co-working space with conference rooms and soundproof privacy pods, outdoor movie theater, a community garden and citrus orchard.
The Inland Empire continues to be one of the strongest performing markets in the U.S., ranking #1 in apartment rental growth across all metro areas in the U.S. last year. With rising demand driven by robust job and population growth, and limited new supply of rental housing, the Inland Empire is expected to continue its trajectory as one of the top performing markets in the U.S.
"We at Ocean West could not be more excited about this opportunity," said Russ Allegrette, Principal of Ocean West Capital Partners. "We believe the underlying fundamentals of the Inland Empire will continue to support healthy growth in the multifamily sector. The Monterey, with its comprehensive amenity package, is well positioned to be one of the best performing assets in the region. Its central location allows for easy commutes to employment centers across the Inland Empire, Orange County, and Los Angeles. We are excited to grow our multifamily platform with Tiger, NH and Camden Pacific."
Joining the consortium was Camden Pacific Partners. "Camden Pacific is thrilled to be a part of this exciting investment opportunity," said Robert Murray, Founding Partner of Camden Pacific Partners. "Driven by significant population growth from residents drawn to its high quality of life and from job growth in the e-commerce and logistics sectors, the Inland Empire continues to be one of our primary target investment markets. We look forward to expanding our relationship with Ocean West, Tiger and NH in the future."