UPLAND, Calif .– (COMMERCIAL THREAD) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Benson, a 236 unit multi-family property in Upland, California. The asset sold for $ 80.75 million, or $ 342,161 per unit.
“The Benson benefits from significant capital spending, most of which has been spent on improving systems and common spaces,” said Joseph Grabiec, executive director of IPA. “The new owner has the opportunity to focus on interior improvements that improve revenues in line with the overall competition, thereby immediately adding value. IPA’s Grabiec and Alexander Garcia, Jr., Kevin Green, Greg Harris and Chris Zorbas represented the seller, a subsidiary of Abacus Capital Group, and recruited the buyer, New Standard Equities. “Rents at Upland have increased 13% in the past 12 months and the rents charged by the competitive package are approximately 35% higher than the average rents in place at The Benson,” Garcia added. “The average occupancy rate at Upland over the same period was 97%. ”
Located 2.2 km from the Los Angeles County border, the property is close to Claremont Colleges, the Montclair TransCenter and numerous retail outlets. The San Bernardino Metrolink line at the Montclair TransCenter, three regional providers of rapid bus services, and convenient access to a plethora of highways provide connectivity to surrounding employment centers in the Inland Empire and the San Gabriel Valley.
“The Inland Empire continues to experience impressive growth and job creation, and this increase in economic activity has intensified the demand for housing,” said Green. “Single-family home prices have risen 13% over the past 12 months and are expected to rise 10% over the next 12 months, further exacerbating the affordability gap and fueling strong rental growth. ”
The Benson was built in 1973 on 516,578 square feet of land. The asset includes 32 residential buildings, two resort-style swimming pools with furnished decks, a spa, fitness center, dog park, playground and more than 350 on-site parking spaces. The mix of units consists of one, two and three bedroom apartments. Each accommodation has a private balcony or patio.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), one of the leading commercial real estate services companies in North America. IPA’s combination of real estate investing and capital markets expertise, cutting-edge technology and acclaimed research provides customized solutions for the acquisition, disposal and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.
About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment and finance sales professionals located in the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, finance, research and services. -advice. Founded in 1971, the company closed 8,954 deals in 2020 worth approximately $ 43 billion. Marcus & Millichap has developed a powerful property marketing system that combines investment specialization, local market expertise, the industry’s most comprehensive research, cutting-edge technology and relationships with the largest pool of investors. qualified. For more information, please visit: www.MarcusMillichap.com.