SoCal Apartment Complex Sells for $82M
Rents have increased by 13.3 percent in the last 12 months in the city of Upland
By Greg Cornfield June 22, 2022 4:40 pm
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Clear Capital is looking to get into the thriving multifamily market in Southern California’s Inland Empire, where soaring rents since the outbreak of COVID-19 have increasingly attracted investor interest.
The firm acquired a 232-unit asset named Foothill Ridge in the city of Upland from Virtu Investments for $82 million, or $353,448 per unit. The deal comes after New Standard Equities earlier this year paid $80.8 million, or $342,161 per unit, for a property less than a mile from Foothill Ridge in Upland.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), announced the Foothill Ridge deal, represented the seller and procured the buyer.
“In the last 12 months, rents have increased by 13.3 percent in Upland, and average occupancy has been 97 percent,” IPA’s Chris Zorbas said in a statement. “The property is supported by Upland’s strong demographics, which include annual average household incomes of nearly $100,000 and median home values of $710,000.”
Alexander Garcia with IPA said Foothill Ridge has seen almost $3 million in capital improvements over the past three years. The garden-style apartment complex was completed in 1973 with one- and two-story buildings on more than 11 acres. The property features a resort-style pool with a sundeck, a spa, a fitness center, a dog park and a playground.
The complex is 1.4 miles from the border of Los Angeles County, near Interstate 10 and State Route 210.
IPA’s Garcia, Zorbas and Tyler Martin represented the seller and procured the buyer.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
