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IPA Arranges $82M Sale of IE Multifamily Asset
Institutional Property Advisors (IPA), a division of Marcus & Millichap has brokered the $82 million sale of Foothill Ridge, a 232-unit apartment community in Upland, CA. IPA’s Alexander Garcia, Jr., Tyler Martin and Chris Zorbas represented the seller, Virtu Investments. The firm also procured the buyer, Clear Capital.
“Foothill Ridge benefited from nearly $3 million in capital improvements in the last three years,” said Garcia. “The new owner can focus on revenue enhancing interior upgrades consistent with the competitive set and immediately add value.”
The asset is a garden-style complex made up of 32 one- and two-story buildings. The property has plenty of open space, a resort-style pool, playground and BBQ’s. In addition, it is located near strong demand drivers like Claremont Colleges, Montclair TransCenter and several Inland Empire employment centers.
- ◦Sale/Acquisition
