SoCal Apartments Trade for Nearly $50M
- Sep 06, 2018
Virtú Investments has purchased Foothill Ridge, a 232-unit community in the Inland Empire, for $48.3 million, according to Yardi Matrix. While the acquisition is the firm’s first in the market, Virtú has expanded its nationwide portfolio over the past year. The seller, StarPoint Properties, acquired the Class B property in December 2001 for $15.1 million.
Berkeley Point Capital provided $31.5 million in Fannie Mae acquisition financing to the buyer.
Located at 1334 W. Foothill Blvd. in Upland, Calif., the community’s 30 two-story buildings are situated at the west end of the Historic Route 66 retail corridor. Two Omnitrans bus routes link the property to the rest of the San Bernardino Valley.
The property, built in 1973, contains a mix of one- and two-bedroom units, with floorplans ranging from 566 to 973 square feet. On-site amenities include a swimming pool, a fitness center, a volleyball court and three laundry facilities. As of July, the asset was 91.8 percent occupied, per Yardi Matrix data.
Image courtesy of Yardi Matrix