A Los Angeles real estate investor has paid $82 million for a 232-unit apartment complex in the Inland Empire.
Clear Capital LLC bought the Foothill Ridge apartment complex at 1334 W Foothill Blvd.in Upland, the Commercial Observer reported. The seller was Virtú Investments, based in Larkspur.
The $82-million deal comes out to $353,448 per unit.
The garden-style apartment complex, built in 1973, has 32 one- and two-story buildings on more than 11 acres. Foothill Ridge has a resort-style pool with a sundeck, spa, a fitness center, a dog park and a playground.
The Inland Empire apartments have seen almost $3 million in capital improvements over the past three years.
Brokers Tyler Martin and Chris Zorbas of Institutional Property Advisors represented the seller and procured the buyer.
They cited the strong demographics in the San Bernardino County city, including annual average household incomes of nearly $100,000 and median home values of $710,000.
The complex is near the border of Los Angeles County, by Interstate 10 and the 210 Freeway, with 375,000 jobs within a 10-mile radius..
“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.
Rents across Upland, located near the Claremont Colleges, increased 34 percent in 2021, according to Marcus & Millichap. In December, average rent across the city hit $2,074 for a 881-square-foot apartment, according to RentCafe.
Westwood-based Clear Capital, founded in 1996, has more than $900 million multifamily assets under management across the Sunbelt and Mountain regions of the U.S., according to its website.
Virtú Investments, founded in 1997, has acquired and run more than 130 multifamily properties, totaling more than 24,000 units, with a value of more than $3.1 billion.
In January, it bought The Upland apartments, a newly built, 203-unit apartment complex in Upland for an undisclosed price. In 2019, it paid $70.5 million for a 174-unit complex in the Warner Center of Woodland Hills.
[Commercial Observer] – Dana Bartholomew