Virtu Investments Acquires Foothill Ridge in Upland, CA
The Evergreen Fund purchased Foothill Ridge in Upland, CA. This purchase presented an opportunity to acquire a 232-unit multifamily property with value-add upside. Improvements to both the interior and exterior areas will create a solid physical plant and reduce asset risk during our hold period. The previous owner was in the process of building a new clubhouse which will be completed as part of the acquisition.
Upland is on the western edge of Riverside County and is comparable to eastern Los Angeles submarkets including Claremont, West Covina, and Chino. This Inland Empire location is a low to no supply California market that Virtú likes because of its long-term supply/demand fundamentals.