Investment Highlights
- The Inland Empire is one of the Fastest Growing Regions in California: The California Department of Finance projects the Inland Empire population to increase 20% in the next 25 years
- Strong Rent Growth Projected: CoStar is projecting 12.63% cumulative rent growth over the next 5 years in the Inland Empire region which ranks it 17th highest out of 390 markets nationally
- Strong Multifamily Fundamentals: The City of Upland has an average household income approaching $120,000, 95% average occupancy, and 44% of the population are renters.
- Potential Affordable Conversion Strategy: Approximately 64% of the households that reported incomes fall below the 80% AMI limit. Accordingly, Upland Village Green represents an excellent opportunity to pursue an affordable housing conversion strategy and/or apply for a welfare exemption to offset ad valorem property taxes.
- Widening Affordability Gap: In the last 5 years, the value of a single-family home in Upland has increased by roughly 35% to $867,500 while interest rates nearly tripled. A typical mortgage payment is 2-3x the average rent which reinforces demand for rentals as most of the population can't afford homeownership.
- Recent Investment in the Region from Home Builders: The Upland, Ontario, & Rancho Cucamonga housing markets have received significant attention and institutional investment from many of the nation's top home builders (Lennar, DR Horton, KB Homes, City Ventures, Century Communities) signaling strong long term growth expectations and confidence in the market.
- Strong Local Employment: Residents of Upland Village Green are at the epicenter of the Inland Empire's industrial boom which has grown by 40% in the last 10 years and accounts for over 20% of the jobs in the Inland Empire.
- New Industrial Facilities in Development & Recently Delivered Will Add New Jobs: Nearly 10 Million SF of new warehousing and distribution facilities built within the last 5 years or in development are located within roughly 5 miles of Upland Village Green. The HUB @ ONT will add nearly 4.3 million square feet once completed in the next couple of years.
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