Institutional Property Advisors Closes $80 Million San Bernardino County Apartment Asset Sale
10 Januar 2022 - 07:13PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced the sale of The Benson, a
236-unit multifamily property in Upland, California. The asset sold
for $80.75 million, or $342,161 per unit.
“The Benson benefits from significant capital expenditures, most
of which were spent on systems and common area improvements,” said
Joseph Grabiec, IPA executive director. “New ownership has the
opportunity to focus on revenue enhancing interior upgrades
consistent with the competitive set, thereby immediately adding
value.” Grabiec and IPA’s Alexander Garcia, Jr., Kevin Green, Greg
Harris and Chris Zorbas represented the seller, an affiliate of
Abacus Capital Group, and procured the buyer, New Standard
Equities. “Rents in Upland have increased by 13% in the last 12
months and the competitive set’s asking rents are approximately 35%
higher than the average in-place rents at The Benson,” added
Garcia. “Average occupancy in Upland over the same time period has
been 97%.”
Located 1.4 miles from the Los Angeles County border, the
property is near Claremont Colleges, the Montclair TransCenter, and
extensive retail. The San Bernardino Metrolink line at the
Montclair TransCenter, three regional rapid bus service providers,
and convenient access to a multitude of freeways offer 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 surge in economic activity has intensified
the demand for housing,” said Green. “Single-family home prices
have increased 13% over the last 12 months and are projected to
grow 10% over the next 12 months, further exacerbating the
affordability gap to home ownership and fueling strong rent
growth.”
The Benson was built in 1973 on a 516,578-square-foot lot. The
asset has 32 residential buildings, two resort-style pools with
furnished sundecks, a spa, fitness center, dog park, playground,
and over 350 onsite parking spots. The unit mix is composed of
one-, two- and three-bedroom apartments. Each unit has a private
balcony or patio.
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 (NYSE: MMI)
With over 2,000 investment sales and financing professionals
located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate
investment sales, financing, research, and advisory services.
Founded in 1971, the firm closed 8,954 transactions in 2020 with a
value of approximately $43 billion. Marcus & Millichap has
perfected a powerful system for marketing properties that combines
investment specialization, local market expertise, the industry’s
most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220110005874/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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