IE Business Daily Business news for the Inland Empire.
A 236-unit multifamily complex in Upland has been sold.
The Benson, which recently underwent a major upgrade, changed hands for $80.7 million, or $342,161 per unit, according to Institutional Property Advisors, a division of Marcus & Millichap.
The seller, who was not identified, is an affiliate of Abacus Capital Group LLC, a New York company that invests in U.S. multifamily properties. The buyer, New Standard Equities, is a real estate investment and asset management firm in Encino.
Institutional Property Advisors negotiated the sale.
“The Benson benefits from significant capital expenditures, most of which were spent on systems and common area improvements,” said Joseph Grabiec, executive director of Institutional Property Advisors, in the statement. “New ownership has the opportunity to focus on revenue enhancing interior upgrades … thereby immediately adding value.”
Located at 850 N. Benson Ave., The Benson was built in 1973 on a 516,578-square-foot parcel. It has 32 residential buildings and is a mix of one, two and three-bedroom apartments, according to the statement.
