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Clubbin' In Upland

Upland Apartment Complex Closes For $19 Mil
By Michelle Modrich
June 26, 2002 | 4:47 P.M.

Pacific Canyon Club LP purchased the Canyon Club Apartments in Upland, CA. Located at 370 South Benson Ave., the 289-unit apartment complex consists of 21 studios, 184 one-bedroom/one-bath and 84 two-bedroom/one-and-one-half-bath units. Situated on 10.1 acres, the complex totals 240,226 square feet and features tennis courts, four laundry facilities, a gated entrance, a fitness center, covered parking and an activity room with billiards. The property was 4% vacant at the time of sale. Escrow closed for $19 million, nearly $66,000 per unit at a 7.85 percent cap rate. Alex Mogharebi with Marcus & Millichap represented both the buyer and the seller, Waterton Villa LLC.

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