EL SEGUNDO, CA – An investment group led by Ocean West Capital Partners, Tiger Alternative Investors, and NH Investment & Securities has completed the acquisition of The Monterey, a newly built, 442-unit, multi-family project in the Inland Empire community in Corona, CA.
The Monterey was completed in 2021 and has 442 one-, two-, and three-bedroom units ranging in size from 726 square feet to 1,520 square feet. The property offers an unrivaled modern package of amenities, including two resort-style swimming pools, spacious clubhouses with rooftop terraces, fully equipped fitness, yoga and spin studios, co-working space with conference rooms and soundproofed privacy pods, outdoor cinema, Community garden and citrus fruits.
The Inland Empire continues to be one of the top performing markets in the US, ranking # 1 in rental growth across all subway areas in the US last year. With rising demand fueled by robust employment and population growth and limited new supply of rental housing, the Inland Empire is expected to continue on its path as one of the top performing markets in the US.
"We at Ocean West are excited about this opportunity," said Russ Allegrette, principal of Ocean West Capital Partners. "We believe that the underlying fundamentals of the Inland Empire will continue to support healthy growth in the multi-family sector. With its extensive suite of amenities, the Monterey is well positioned to be one of the top performing assets in the region. Its central location allows easy travel to work centers across the Inland Empire, Orange County, and Los Angeles. We're excited to expand our multi-family platform to include Tiger, NH, and Camden Pacific. "
Camden Pacific Partners joined the consortium. "Camden Pacific is excited to be part of this exciting investment opportunity," said Robert Murray, founding partner of Camden Pacific Partners. "Driven by significant population growth from residents drawn by its high quality of life, and employment 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. "