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1/20/22
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New Standard Equities has acquired The Benson, a 236-unit multifamily property in Upland, for $80.75 mil, or $342.2k/unit. The property was sold by an affiliate of Abacus Capital Group.
Built in 1973, The Benson sits on a 516.6k sf lot at 850 Benson Ave. The asset has 32 residential buildings, two resort-style pools with furnished sundecks, a spa, fitness center, dog park, playground, and over 350 onsite parking spots. The unit mix is composed of one-, two- and three-bedroom apartments. Each unit has a private balcony or patio.
Located 1.4 miles from the Los Angeles County border, the property is near Claremont Colleges, the Montclair TransCenter, and extensive retail. The San Bernardino Metrolink line at the Montclair TransCenter, three regional rapid bus service providers, and convenient access to a multitude of freeways offer connectivity to surrounding employment centers in the Inland Empire and the San Gabriel Valley.
Joseph Grabiec, Alexander Garcia, Jr., Kevin Green, Greg Harris and Chris Zorbas with Institutional Property Advisors represented the seller in the deal. According to Garcia, rents in Upland have increased by 13% in the last 12 months and the competitive set’s asking rents are approximately 35% higher than the average in-place rents at The Benson. In addition, average occupancy in Upland over the same time period has been 97%.
“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% over the last 12 months and are projected to grow 10% over the next 12 months, further exacerbating the affordability gap to home ownership and fueling strong rent growth.”
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