With a growing job market and more affordable rents than in Los Angeles, the Inland Empire’s multi-family sector in the east continues to outperform its counterparts.
A subsidiary of Abacus Capital Group sold a 236 unit multi-family property called The Benson for $ 80.8 million, or $ 342,161 per unit, to New standard actions. It is located at 850 Benson Avenue North in the town of Upland, California, in San Bernardino County.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the deal and represented the seller.
“Rents at Upland have increased 13% in the past 12 months and the rents charged by the competitive set are approximately 35% higher than the average rents in place at The Benson,” said IPA. Alexandre garcia, who represented the seller with Joseph Grabiec, Kevin green, Greg harris and Chris Zorbas. “The average occupancy rate at Upland over the same period was 97%. “
The Benson was built in 1973 on 516,578 square feet of land 1.4 miles from the LA County border near Claremont Colleges and the Center Trans de Montclair. The mix of units includes one, two, and three-bedroom apartments in 32 residential buildings, and the property also has two swimming pools, a spa, a fitness center, and a playground. .
USC Casden Economic Forecast 2021 projects triple-digit dollar rent increases over the next two years for apartment dwellers across Southern California, with the highest jumps reaching suburban markets like those that make up the Inland Empire. By the end of the third quarter of 2023, experts predict that the average total monthly rent will increase by $ 241 in the region.
“The Inland Empire continues to experience impressive growth and job creation, and this increase in economic activity has intensified the demand for housing,” said Green. “Single-family home prices have risen 13% over the past 12 months and are expected to rise 10% over the next 12 months, further exacerbating the affordability gap and fueling strong rental growth. “
Abacus Capital Group and New Standard Equities did not immediately return requests for comment.
Gregory Cornfield can be reached at [email protected].