Overview
JLL, as an exclusive advisor, is pleased to present for sale, Sierra Del Oro Apartments (the “Property” or “Sierra Del Oro”), a high-performing, 300-unit, value-add multi-housing investment opportunity located in Corona, a prominent and desirable city in the nationally recognized and rapidly growing Inland Empire. Sierra Del Oro, situated in the westernmost part of Corona set against the Santa Ana Mountains and just two miles from Orange County, offers unparalleled commutability to employment hubs via direct access to CA-91, while offering attractive housing affordability relative to neighboring coastal markets and the local single-family housing stock.
Investment Highlights
Sierra Del Oro was constructed in 1989 as a low-density garden-style community, nestled in a desirable hillside location off Green River Road. The Property has experienced substantial benefits from the Inland Empire’s population growth and thriving economy, made evident through an impressive 97% current occupancy rate and ±14% in-place rent growth since January 2022.
In addition to rental upside through a mark-to-market strategy, new ownership has the opportunity to renovate all 300 units to capitalize on more than $300 (±15%) in total rental upside.
Sierra Del Oro represents an attractive opportunity for an investor to acquire a cash-flowing asset with proven upside potential in one of the nation’s top multi-housing markets, all at a significant discount to replacement cost.
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