US real estate manager Waterton has acquired Reserve at Chino Hills, a 482-unit rental community in California, for an undisclosed sum.
The Chicago-headquartered firm has added the 20-acre, garden-style community in Chino Hills to its portfolio as part of a value-add investment strategy.
Waterton said the asset at 4200 Village Drive, which comprises 46 residential buildings and a clubhouse in the westernmost point of the Inland Empire, will undergo a value-add programme, including renovations, to enhance its residences and amenity spaces.
Kol Rath, vice president of acquisitions at Waterton, said: “The Reserve at Chino Hills stands out for its central location, low-density setting and rare combination of floorplan options, offering an attractive alternative to homeownership in Chino Hills.
“Our planned value-add programme aims to enhance the overall resident experience and help meet rental demand in the area.”
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