The Enclave at Town Square | Courtesy a representative of Berkadia

Chino Apartments Sell to Ohio Firm for $31M

Carrie Rossenfeld Multifamily

Kingbell Capital Management, based in Columbus, Ohio, has purchased The Enclave at Town Square, a multifamily property at 11475 Central Avenue in Chino, California, for $30.5 million from San Mateo, California–based Essex Property Trust Inc., according to a release from a representative of Berkadia.

The release says the property features 124 units with one- and two-bedroom floor plan options that include dishwashers, microwaves, walk-in closets, and fireplaces. Community amenities include a fitness center, a spa, a pool, a clubhouse, a barbeque are, and a 24-hour on-site laundry facility.

According to the statement, The Enclave at Town Square is located halfway between the 60 and 10 freewayw, offering convenient access to employment centers in the Inland Empire and downtown Chino, which is less than 3 miles away.

Robert Conn, VP at Klingbeil Capital Management, is quoted in the release as saying, “The strong economic growth in the Riverside market is driving increasing demand for high-quality housing in Chino. We plan to make additional capital improvements to the property to make it even more desirable.”

Jeff Rowerdink and Joe Leon, managing directors of Berkadia’s Irvine, California, office completed the sale on behalf of the seller, the release says.

Rowerdink is quoted in the release as saying, “Klingbeil was the perfect buyer for this asset as they saw the upside in a 1989 building just down the street from Copperwood, another multifamily property already in their portfolio. Essex had maintained the property at a very high level, thus Klingbeil will have very little deferred maintenance going forward.”