Virtu Investments has sold Foothill Ridge, a 232-unit community in Upland, Calif., to Clear Capital for $82 million. According to Yardi Matrix data, the buyer financed the purchase with a $65.4 million loan originated by Starwood Capital Group. Institutional Property Advisors, a division of Marcus & Millichap, represented both parties.
Located at 1334 W. Foothill Blvd. just south of U.S. Route 66, the community is 22.4 miles from San Bernardino and 36 miles from Los Angeles, providing easy access to Interstate 10 and State Route 210. Upland Shopping Center is within walking distance, with more retail and dining options available alongside North Mountain Avenue.
READ ALSO: National Multifamily Report – May 2022
Built in 1973, Foothill Ridge is a two-story property, spanning across 30 buildings on 11 acres. The Class B community encompasses one- and two-bedroom apartments averaging 748 square feet. Interiors feature large closets and central air conditioning. Common-area amenities include a swimming pool, a fitness center, a spa, a volleyball court, barbecue grills, a dog park and a playground.
IPA Executive Director Alexander Garcia Jr. said, in a prepared statement, that the former owner invested nearly $3 million in property improvements in the last three years. Garcia Jr., together with IPA First Vice President Tyler Martin and Executive Managing Director Chris Zorbas, arranged the transaction.
Yardi Matrix data shows nearly 3,000 units have changed hands in the Inland Empire since the beginning of the year. Some 760 units, or 25.3 percent of the total, pertained to Class B properties.