A Los Angeles-based multifamily investor has spent $81 million on an apartment complex in the Inland Empire.
New Standard Equities got a 236-unit complex at 850 North Benson Avenue in Upland, according to a Thursday announcement from Marcus & Millichap, which brokered the deal. New York-based investment firm Abacus Capital Group sold the property.
New Standard Equities’ purchase came to around $342,000 per unit — the higher end of multifamily recent deals in the area. In October, Dalan Management sold a 197-unit complex in the city of San Bernadino to Newport Beach-based Tailwind for $54 million — around $274,111 per unit.
Upland is part of the San Bernardino County portion of the Inland Empire, which also includes Riverside County.
Abacus Capital Group bought the Upland property for an undisclosed sum in 2018, records show.
Built in 1973, the complex spans 32 residential buildings and includes two pools, a spa, fitness center and more than 350 parking spaces.
Rents at the complex currently range from $1,967 per month for a one-bedroom to $2,653 per month for a two-bedroom, according to online listings for the property.
New Standard Equities is planning to renovate the property’s interiors and will eventually raise rents to meet market rates.
Across the Inland Empire, single-family home prices have increased 13 percent over the last year, “further exacerbating the affordability gap to home ownership and fueling strong rent growth,” Marcus & Millichap’s Kevin Green said in a statement.
Rents across Upland, located near the Claremont Colleges and the Los Angeles County border, have increased 34 percent over the last year, according to the brokerage. In December, average rent across the city hit $2,074 for a 881-square-foot apartment, according to RentCafe.
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