|
6/23/16
|
Wilshire Unlimited paid $8.18 mil for The Evart Street Apartments, a 68-unit ($120k/unit) multifamily property in Montclair. The property was sold by Fiola Communities.
Built in 1961, the property had undergone substantial renovations in 2015 and is situated on nearly 1.5 acres of land. The community consists of eight buildings which include an on-site leasing and management office, gated and controlled access, swimming pool and four on-site laundry facilities.
Dan Blackwell and Eric Chen of CBRE represented Fiola Communities as well as the buyer, Wilshire Unlimited, who was also repped by CBRE’s Johnny Chang.
“Given the lack of inventory, buyers are looking beyond the Los Angeles and Orange County markets to find suitable multifamily properties to acquire” said Blackwell. “Evart Street Apartments created a unique opportunity for a buyer to purchase a value-add property over a 5% Cap Rate on current rents. Additionally the buyer plans to carry out the interior renovation plan to further drive value.”
|
|
Return to the Archive page
|
|
|
|
|