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Upland apartments sell for $82 million

Foothill Ridge, a 232-unit apartment complex in Upland, has been sold for $82 million.

Institutional Property Advisors, a division or Marcus & Millichap, negotiated the sale, according to a statement.

The sale breaks down to $353,448 per unit.

The seller was Virtu Investments, an apartment fund manager in Carlsbad with approximately $2.6 billion in assets. The buyer was Clear Capital LLC, a private equity investment firm in Irvine that specializes in multifamily properties.

Foothill Ridge has undergone nearly $3 million in upgrades in the last three years, most of which was spent on property systems and common areas. Built in 1973, the complex covers 11 acres and is near the Claremont Colleges, Montclair Transit Center and multiple businesses in the Inland Empire and Los Angeles County.

During the past year, apartment rents in Upland, have increased 13.3 percent, and average occupancy has been 97 percent, according to the statement.

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