The Benson, a San Bernardino County apartment asset in Upland, Calif., has changed hands for $80.8 million. An affiliate of Abacus Capital Group sold the property to New Standard Equities. Marcus & Millichap’s Institutional Property Advisors, represented the seller.
Completed in 1973, the 236-unit community comprises 32 buildings including one-, two- and three-bedroom apartments, with all units offering private balconies or patios. Community amenities include two resort-style pools, a spa, fitness center, dog park, playground and more than 350 parking spots.
The Benson is located within 1.4 miles of the Los Angeles County border, near Claremont Colleges, the Montclair TransCenter and various retailers. The property offers easy access to the San Bernardino Metrolink, regional buses and freeways leading to Inland Empire and San Gabriel Valley employment clusters.
The IPA team working on behalf of Abacus Capital included Joseph Grabiec, Alexander Garcia, Jr., Kevin Green, Greg Harris and Chris Zorbas.
As the Inland Empire continues to grow, Green said in a prepared statement that rental demand continues to increase due to the area’s affordability gap between renting and owning. He noted that single-family home prices in the area were up 13 percent last year and are projected to rise an additional 10 percent.