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9/01/16
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Schroeder Investment Partners Inc has purchased Woodbine Apartments, a 26-unit residential asset in La Habra, for $5.72 mil, or $220k/unit. The deal drew seven competitive bids from a variety of SoCal investors and ended up selling for $266/sf, an amount we’re told stands as one of the highest prices per sf for a multifamily property in the area.
The property, located on over one acre at 261 N. Idaho, features mostly two-bedroom floorplans. It is currently renting 20 percent below market and presents a value-add opportunity to the buyer.
Schroeder is planning on repositioning and updating the three separate, two-story buildings. Additionally, Schroeder Management Company Inc will take over the management of the property and rebrand the community to Idaho Springs Apartment Homes.
CBRE’s Dan Blackwell represented Schroeder, a leading real estate investment firm focused on multifamily property acquistions in Southern California. Tom Williams with Windsor Investments Inc repped the unidentified private seller.
“This was a great opportunity for the buyer to further their expansion into Orange County and to acquire a value-add property located in an area that has seen recent year-over-year rent growth of more than 6 percent,” said Blackwell.
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