Clear Capital buys 232-unit apartment complex in Inland Empire

$82-million deal for Foothill Ridge comes to around $343K per unit

Los Angeles /
Jun.June 23, 2022 03:00 PM
Clear Capital LLC founding partners (L-R) Daniel Hardy, Eric Sussman, Paul Pellizzon and Greg Worchell with Foothill Ridge apartments, 1334 W. Foothill Blvd., Upland (Clear Capital LLC, Foothill Ridge Apts.)
Clear Capital LLC founding partners (L-R) Daniel Hardy, Eric Sussman, Paul Pellizzon and Greg Worchell with Foothill Ridge apartments, 1334 W. Foothill Blvd., Upland (Clear Capital LLC, Foothill Ridge Apts.)

A Los Angeles real estate investor has paid $82 million for a 232-unit apartment complex in the Inland Empire.

Clear Capital LLC bought the Foothill Ridge apartment complex at 1334 W Foothill Blvd.in Upland, the Commercial Observer reported. The seller was Virtú Investments, based in Larkspur.

The $82-million deal comes out to $353,448 per unit.

The garden-style apartment complex, built in 1973, has 32 one- and two-story buildings on more than 11 acres. Foothill Ridge has a resort-style pool with a sundeck, spa, a fitness center, a dog park and a playground.

The Inland Empire apartments have seen almost $3 million in capital improvements over the past three years.

Brokers Tyler Martin and Chris Zorbas of Institutional Property Advisors represented the seller and procured the buyer.

They cited the strong demographics in the San Bernardino County city, including annual average household incomes of nearly $100,000 and median home values of $710,000.

The complex is near the border of Los Angeles County, by Interstate 10 and the 210 Freeway, with 375,000 jobs within a 10-mile radius..

“In the last 12 months, rents have increased by 13.3 percent in Upland, and average occupancy has been 97 percent,” IPA’s Chris Zorbas said in a statement.

Rents across Upland, located near the Claremont Colleges, increased 34 percent in 2021, according to Marcus & Millichap. In December, average rent across the city hit $2,074 for a 881-square-foot apartment, according to RentCafe.

Westwood-based Clear Capital, founded in 1996, has more than $900 million multifamily assets under management across the Sunbelt and Mountain regions of the U.S., according to its website.

Virtú Investments, founded in 1997, has acquired and run more than 130 multifamily properties, totaling more than 24,000 units, with a value of more than $3.1 billion.

In January, it bought The Upland apartments, a newly built, 203-unit apartment complex in Upland for an undisclosed price. In 2019, it paid $70.5 million for a 174-unit complex in the Warner Center of Woodland Hills.

[Commercial Observer] – Dana Bartholomew





    Related Articles

    arrow_forward_ios
    SRG's Chris Payne and Burnham Ward's Bryon Ward with rendering of New Laguna Niguel City Center (Sares Regis Group, Burnham Ward Properties)
    ‘Napa Valley-esque’ downtown to be built in Laguna Niguel
    ‘Napa Valley-esque’ downtown to be built in Laguna Niguel
    LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
    LaTerra buys Marina del Rey office complex
    LaTerra buys Marina del Rey office complex
    DM Development's  Mark McDonald with 1725-1739 N. Bronson Ave ( DM Development, Steinberg Hart)
    Development duo moves ahead on 128-unit high-rise in Hollywood
    Development duo moves ahead on 128-unit high-rise in Hollywood
    CIM’s Shaul Kuba with renderings of the project at 6007 Sunset Blvd in Hollywood (Getty, CIM Group)
    CIM sells site of 109-unit resi development in Hollywood
    CIM sells site of 109-unit resi development in Hollywood
    Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
    Last commercial orange grove in the San Fernando Valley slated for luxury homes
    Last commercial orange grove in the San Fernando Valley slated for luxury homes
    Amazon's Jeff Bezos and the vacant land near Palm Springs (Getty, Google Maps)
    Amazon buys 120 acres set for 3.4M sf distribution hub
    Amazon buys 120 acres set for 3.4M sf distribution hub
    From left: Stockdale Capital Partners' Steven and Shawn Yari with 656 San Vicente Blvd
    Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
    Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
    HBC's Richard Baker with  9600 Wilshire Blvd (SFA, Cornell)
    Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
    Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...