REAL ESTATE TRANSACTION ALERT
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Copley Apartments, a 12-unit apartment property located in Upland, Calif., according to Matthew Luchs, Regional Manager of the firm’s Ontario office. The asset sold for $2,350,000 at a 4.03% cap rate, 99.2% of the asking price.
Alexander Garcia Jr., Executive Managing Director Investments in Marcus & Millichap’s Ontario office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Alexander Garcia Jr.
Built in the 1960’s, The Copley Apartments are located at 780 Spruce Ave in Upland, California and are comprised of 2 two-story buildings. The property features 12 units with a desirable unit mix of one and two-bedroom apartments, well landscaped space and a variety of common area amenities including a spacious swimming pool. On-site parking includes 11 covered carport spots with storage.