The Beverly Hills residential developer plans to build 800 luxury apartment units.
ONTARIO, Calif.—December 14, 2016—GH Palmer Associates, a diversified real estate company which currently owns a portfolio of over 10,400 Southern-California apartment units, has purchased an approximately 21-acre land parcel located on Inland Empire Boulevard at the Meredith International Centre in Ontario, CA, for $23.5 million. The buyer plans to build 800 luxury apartment units on the property.
“The buyer had been looking at developing a project in the Ontario area,” said Noble, noting that land prices in this area are rapidly increasing. “Meredith International Center continues to attract large entities. QVC Shopping Network, Water’s Audi, and another soon to be announced automotive dealership are already part of the Center, in addition to G.H. Palmer.”
Besides the land’s prime freeway location, the property is adjacent to the Ontario International Airport, recently purchased by the City of Ontario, which intends to greatly expand passenger and cargo flights, both domestically and internationally.
Construction is expected to begin January of 2017, with units available for occupancy by the fourth quarter of 2017.
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