NAI Capital Completes Sale of Euclid Townhomes Development Site in Ontario, CA
Irvine, CA, Tuesday, May 16, 2017– Senior Vice President Steve Heri, CCIM and Vice President Steve Gim with NAI Capital’s Multifamily Services Group completed the sale of a 3.47 acre residential development land site in Ontario, Calif. Heri and Gim represented the seller John Drake & John Christian.
The buyer was Piong Bin Hong. The total sale price was $3,388,888 or $976,625 per acre.
The Euclid Townhomes is an entitled residential townhome development on Euclid Avenue in the city of Ontario, CA. The entitled development consists of fifty-seven units spread out over 3.47 acres for a density of 16.4 du/ac. The planned units range in size from 800 to 2,270 square feet, with 1 or 2 bedrooms floor plans, and each with their own garage. The project architecture consists of a mix of 5- and 6-plex buildings to be completed in both Craftsman and Colonial Revival styles. The common area amenities include open landscaped spaces and a community pool, all designed with a sense of community and walkability. The property is in a great location, blocks from Ontario High School and De Anza Middle school on the Westside of Euclid Avenue, between W Francis Street and W Cedar Street.
Gim said, “Land for residential development remains in high demand throughout Southern California, in particular in the West Inland Empire. This is a great opportunity for an investor/developer to acquire a fully entitled ready to go piece of land.”
“Currently, market demand for housing is really strong. This 57 unit planned project will be a home run for the buyer,” said Heri.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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