Citing strong in-migration, employment growth, and household formation in California’s Inland Empire, Waterton has acquired Terracina, a 736-unit multifamily community, in Ontario. The 41.3-acre community is comprised of 46 two-story buildings and a clubhouse. It will be rebranded as Citrine Hills.
“The Southern California market has exceptional apartment market fundamentals, and we were attracted to Terracina for its complexity, size, and value-add potential,” said Jeremy Stern, vice president of acquisitions. “Terracina is well-suited to complement our existing portfolio in the region, and we look forward to implementing our signature value-add program with in-unit upgrades and amenity enhancements to bring the community in line with competing product in the region.”
Terracina, built in 1989, is located in what is now known as the Ontario Ranch master plan community, which is in the early phases of a long-term build-out that will provide 16 million square feet of new commercial space, eight new schools, a park and trail system, and 1,000 acres of public open space.
Waterton plans to update existing finishes in all units, a mix of one- and two-bedrooms, including vinyl plank flooring and new carpet, stainless steel appliances, quartz countertops, new cabinet fronts and backsplashes, and the addition of washers and dryers. Renovations will also include updates to common areas and mechanical systems.
Amenities include four swimming pools, two hot tubs, furnished sun decks, two fitness centers, two soccer fields, a tennis court, running paths, two dog parks, a pet wash, and outdoor barbecue area, and a business center. The property also has 84 garages and 801 carports.
“The apartment homes at Terracina present a relatively affordable alternative to surrounding areas in Southern California,” added Stern. “And the large scale enables it to offer one of the most extensive amenity packages in the submarket, a key differentiator for the asset. In addition, the strong demographics and employment growth in Southern California have bolstered historically solid apartment market dynamics.”