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6/23/22
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Clear Capital purchased Foothill Ridge, a 232-unit apartment asset in Upland, for $82 mil, or $353.4k/unit. The property was sold by Virtu Investments.
Foothill Ridge Apartments is a garden-style apartment complex made up of 32 one- and two-story buildings built on over 11 acres in 1973. The property has ample open space and recently modernized amenities, including a resort-style pool with a furnished sundeck, spa, fitness center, dog park, playground, and barbecue grills. Apartments have energy-efficient appliances, large closets, and central air conditioning.
Located 1.4 miles from the border of Los Angeles County, the property is within close proximity of strong local demand drivers such as the Claremont Colleges, Montclair Transcenter, and extensive retail businesses and employment centers in the Inland Empire and San Gabriel Valley. Interstate 10 and State Route 210 are a short drive, providing convenient commutes for the 375,000 jobs within a 10-mile radius.
Alexander Garcia Jr., Tyler Martin, and Chris Zorbas with Institutional Property Advisors arranged the sale on behalf of the seller and procured the buyer, Clear Capital. According to Martin, in the last 12 months, rents have increased by 13.3% in Upland, and average occupancy has been 97%.
“Foothill Ridge benefited from nearly $3 million in capital improvements in the last three years, with approximately two-thirds spent on property systems and common area improvements,” said Garcia, Jr.. “The new owner can focus on revenue enhancing interior upgrades consistent with the competitive set and immediately add value.”
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