New Standard Equities Sets Sights on Add Value with The Benson

The Benson, a 236-unit multifamily property in Upland, recently sold for $80.75 million or $342,161 per unit. The buyer was New Standard Equities.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, an affiliate of Abacus Capital Group, and procured the buyer.

“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, Alexander Garcia Jr., Kevin Green, Greg Harris and Chris Zorbas made up the IPA team.

“Rents in Upland have increased by 13 percent in the last 12 months and the competitive set’s asking rents are approximately 35 percent higher than the average in-place rents at The Benson,” adds Garcia. “Average occupancy in Upland over the same time period has been 97 percent.”

Located 1.4 miles from the Los Angeles County border, the property is near Claremont Colleges, the Montclair TransCenter and extensive retail.

“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 percent over the last 12 months and are projected to grow 10 percent 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.