Rancho Cucamonga apartment complex sold

The 55-and-older Village on 5th apartment complex in Rancho Cucamonga has been sold to investors for $97 million, according to Vizzda, a commercial real estate data provider.

The buyer was the multifamily property investment firm Greystar Real Estate Partners in Charleston, South Carolina. The seller was Acacia Capital Corp. in San Mateo.

The deal closed July 28. The 264-unit, threestory complex includes four sprawling residential buildings over 218,508 square feet. The community was completed in 2005 on nearly 10 acres and has a mix of 12 studios, 135 onebed, one-bath units, 35 twobed, one-bath units 84 twobed, two-bath apartments.

Amenities include an onsite salon, fitness center, spa, clubhouse and swimming pool.

Rent ranges from $1,880 to $2,755, according to Apartments.com.

Raincross sells to investors for $60M

The 141-unit Raincross Promenade apartment complex was built just steps from the Riverside Convention Center with plans to be condominiums before the Great Recession wiped out home sales.

Developer Mike Rubin said at the time he had no option but to flip the property at 3250 Market St. to apartments. Last month Raincross sold to investors in an LLC for $60 million or $425,531 per unit, according to Vizzda.

Rubin, a prominent Riverside developer and Holocaust survivor, died in February 2021.

The deal for Raincross closed July 25.

The rent at the complex ranges from $2,180 to $3,645, according to Apartments.com. Floor plans are available from studios up to three bedrooms.

The transaction comes as rents soar across the Inland Empire.

According to a recent story by staff writer Jeff Collins, rent in the spring quarter climbed 16.4% year over year to a record-high average of $2,002. It was the first time rent broke the $2,000 monthly barrier in Riverside and San Bernardino counties. Inland Empire rents, he said, jumped by more than $650 a month over the past five years.

Rents have been rising by double-digits since the summer of 2021 when vacancies plummeted. Economists told Collins that most rentals essentially were full. Some tenants even said they were willing to pay a year’s rent upfront or pay more than landlords were asking.

Because Raincross was completed in 2010, rent increases are not capped under a three-year-old law in California that limits hikes to 10% annually. The cap only applies to buildings older than 15 years.

GOOGLE STREET VIEW Raincross Promenade in downtown Riverside has been sold to investors for $60million. The building was once conceived as luxury condos by developer Mark Rubin. It is across the street from the convention center.

COURTESY OF THE FOTO FINISHER La Palma-based Silver Star Real Estate acquired this 304-unit apartment complex in Riverside, according to CBRE. Terms were not disclosed.