Pebble Grove Apartments

INLAND EMPIRE

UPLAND, CA-Seven prospective buyers bid at least list price or higher for the 149-unit Pebble Grove apartment complex in this week’s roundup of commercial real estate news in the West. Kitty Wallace, executive vice president, based in the West Los Angeles office of Colliers International, reports that the property at 1790 W. Arrow Route, which sold for more than $17.1 million, generated a bidding war. “The property ended up closing at a 3.16% cap rate on actuals. People were attracted to the property’s size, condition, location, and its value-add potential. We were able to show investors that this 1986 property had significant rental upside that could be achieved through strategic renovations aimed at improving occupancy, increasing rents and the N.O.I.” Wallace represented both the seller, the Watt Cos., and the buyer, Temecula Village Retail Dev LP. Wallace describes Pebble Grove as well-situated in a good pocket of Upland that is surrounded by affluent neighborhoods such as Rancho Cucamonga and Claremont. It is within 1.5 miles of the 10 freeway, Montclair Plaza, the Montclair Hospital and the Claremont Colleges.