Montclair Multifamily for Sale - Upland/Montclair
SGV+ Multifamily of Compass Commercial Inc., as the exclusive listing agent, is proud to present Vista Court Apartments located at 8951 Monte Vista Avenue, an exquisitely designed, 23-unit, luxury apartment community located at the heart of Montclair, California.
Vista Court Apartments was meticulously designed with modern features to serve the tenants within its community. Tenants at Vista Court enjoy a plethora of high-level features like gourmet kitchens with stainless steel appliances, rectangular undermount sinks with high arching faucets, quartz countertops in kitchen and bathrooms, waterproof wood plank flooring, modern bathroom with oversized tubs, in-unit washer and dryers, central air conditioning, double-pane energy-efficient windows, recessed lighting, and a large outdoor patio or balcony in every unit. Throughout the community, tenants enjoy access to assigned secured parking, an approximately 700-square-foot community room equipped with a kitchen, bathroom, and entertainment area for hosting, outdoor barbecue and picnic area, and ample open green space.
Vista Court features 23 large apartment homes with 18 unique floor plans. The property offers 28,258 square feet of rentable building area and spans a generous 28,280-square-foot site. The property consists of 12 one-bedroom, one-bathroom units, two two-bedroom, two-bathroom units, and nine townhouse-style two-bedroom and 2.5-bathroom apartment homes, each averaging 725, 1,070, and 1,090 square feet, respectively.
Currently, the property produces nearly $682,000 in annual rental income. Although the building was only built in 2021, rent growth in the city of Montclair has grown almost 2.5% year-over-year since initial lease-up, creating 10% rental upside for a new seasoned investor to capture on a well-built community. There is an additional in-place revenue stream from on-site parking, storage, and the community room.
An experienced investor will recognize the opportunity to preserve the investment’s NOI through RUBS and other forms of aggressive management processes. A new investor can also assume the seller’s existing Umpqua Bank loan. The principal balance to assume is approximately $5,870,000. With the assumption of the balance, an investor assumes the note’s below-market interest rate of 4.04% which is fixed until November 2029. Vista Court Apartments is an excellent opportunity for an experienced investor or high-net-worth family who recognizes the benefits of owning a prime, new-construction apartment asset in a community with a proven track record of generating upside.
Vista Court Apartments is at the highly amenitized corner of Arrow Highway and Monte Vista Avenue, where highly desirable communities of Montclair, Claremont, and Upland merge. The property is located just one block from the Montclair Metro Station to the North and the Montclair Place Shopping Center to the south. Tenants benefit from access to a variety of retailers and dining options, including Target, The Home Depot, Costco, LA Fitness, Gold's Gym, Moreno Street Market Food Hall, Olive Garden, Applebee’s, Chili's, and many more. Tenants also enjoy being a short five- to 10-minute drive to frequently traveled places like Downtown Claremont, Claremont Colleges, Victoria Gardens, Toyota Arena, and a large selection of employers found one city over in the City of Ontario, the employment hub of the Inland Empire.
