Institutional Property Advisors Brokers $82 Million Inland Empire Multifamily Asset Sale
June 22 2022 - 2:29PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Foothill Ridge, a
232-unit apartment asset in Upland, California. The $82 million
sales price equates to $353,448 per unit.
“Foothill Ridge benefited from nearly $3 million in capital
improvements in the last three years, with approximately two-thirds
spent on property systems and common area improvements,” said
Alexander Garcia, Jr., IPA executive director. “The new owner can
focus on revenue enhancing interior upgrades consistent with the
competitive set and immediately add value.” IPA’s Garcia, Tyler
Martin, and Chris Zorbas arranged the sale on behalf of the seller,
Virtu Investments, and procured the buyer, Clear Capital. “In the
last 12 months, rents have increased by 13.3% in Upland, and
average occupancy has been 97%,” said Martin. Zorbas noted, “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.”
Located 1.4 miles from the border of Los Angeles County, the
property is within close proximity of strong local demand drivers
such as the Claremont Colleges, Montclair Transcenter, and
extensive retail businesses and employment centers in the Inland
Empire and San Gabriel Valley. Interstate 10 and State Route 210
are a short drive, providing convenient commutes for the 375,000
jobs within a 10-mile radius.
Foothill Ridge Apartments is a garden-style apartment complex
made up of 32 one- and two-story buildings built on 11-plus acres
in 1973. The property has ample open space and recently modernized
amenities, including a resort-style pool with a furnished sundeck,
spa, fitness center, dog park, playground, and barbecue grills.
Apartments have energy-efficient appliances, large closets, and
central air conditioning.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220622005920/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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