Institutional Property Advisors Closes $48.5M Multifamily Sale of Upland Village Green in Inland Empire
UPLAND, Calif. — May 15, 2026 — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has closed the $48.5 million sale of Upland Village Green, a multifamily asset located in Upland, California. The buyer was identified as WMC Commercial Properties. According to IPA, the transaction is one of only four 100-plus-unit value-add transactions recorded in San Bernardino County over the past 24 months.
Deal Overview
The property was placed on the market for the first time in more than 40 years, having been held by its original developer and operator since construction. IPA described the asset as offering upside through operational improvements and physical upgrades.
"Placed on the market for the first time in over 40 years by the original developer and operator, Upland Village Green provides the buyer with strong cash flow, a durable income stream, and the potential to enhance net-operating income with operational efficiencies, strategic value-add enhancements, and loss-to-lease capture," said Kevin Green, IPA executive managing director.
The IPA brokerage team — Kevin Green, Joseph Grabiec, Chris Zorbas, and Gregory Harris — represented the seller and procured the buyer in the transaction.
"The sale represents one of only four 100-plus unit value-add transactions in San Bernardino County in the last 24 months, further underscoring our team's continued execution and market leadership in the region," said Joseph Grabiec.
Property Details and Location
Upland Village Green comprises 24 residential buildings. The property features electronic access entry gates, a swimming pool, spa, and sundeck. Individual apartment homes offer open floor plans, private patios or balconies, and illuminated ceiling fans. The unit count was not disclosed.
The property is situated near the eastern border of Upland, close to the cities of Ontario and Rancho Cucamonga, and in proximity to the San Gabriel Mountain foothills, the Los Angeles County border, and Ontario International Airport. Within five miles of the property, nearly 10 million square feet of warehousing and distribution facilities have been built or are in development within the last five years, including the Ontario Airport Distribution Center and the West Ontario Distribution Center. Retail and dining amenities are accessible at Downtown Upland and Montclair Place shopping mall, and the Claremont Colleges are within a short drive.
Transaction Terms
IPA did not disclose financing terms, cap rate, or unit count for the transaction. The sale price was $48.5 million. The seller and buyer were not identified by name beyond WMC Commercial Properties as the buyer and the original developer and operator as the seller.
About Institutional Property Advisors
Institutional Property Advisors is a division of Marcus & Millichap, a commercial real estate services firm operating across North America. IPA focuses on the acquisition, disposition, and financing of institutional properties and portfolios, combining capital markets expertise with proprietary research and technology platforms.