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.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout