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California  + Inland Empire  + Apartments  | 

Upland Apartments’ Original Developer Divests for $48M

Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, closed the sale of Upland Village Green, a multifamily asset in Upland. The 24-building multifamily property on the eastern border of Upland near Rancho Cucamonga and Ontario sold for $48.5 million.

“Placed on the market for the first time in over 40 years by the original developer and operator, Upland Village Green provides the buyer with strong cash flow, a durable income stream, and the potential to enhance net-operating income with operational efficiencies, strategic value-add enhancements, and loss-to-lease capture,” said Kevin Green, IPA executive managing director. 

Green, Joseph Grabiec, Chris Zorbas and Gregory Harris of IPA represented the seller and procured the buyer, WMC Commercial Properties. “The sale represents one of only four 100-plus unit value-add transactions in San Bernardino County in the past 24 months, further underscoring our team’s continued execution and market leadership in the region,” said Grabiec.

Read More News Stories About: IPA
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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