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IPA Brokers $82 Million Inland Empire Multifamily Asset Sale

June 24, 2022
UPLAND, Calif., June 22, 2022--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced the sale of Foothill Ridge, a 232-unit apartment asset in Upland, California. The $82 million sales price equates to $353,448 per unit.

"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 Alexander Garcia, Jr., IPA executive director. "The new owner can focus on revenue enhancing interior upgrades consistent with the competitive set and immediately add value."

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

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