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6/28/18
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The Gateway Cities Portfolio, a seven-property, 75-unit apartment portfolio in the Southern California cities of Downey, Bellflower and Norwalk, sold for $15 mil, or $200k/unit.
The Gateway Cities Portfolio contains 48.9k sf of space. The buildings are located at: 7417 Arnett St, 8344 Alameda St, 8442, 8446 and 8450 Stewart and Gray Rd, 10319 Western Ave, and 10714 Western Ave in Downey; 12044 Sycamore St in Norwalk; and 9903 Belmont St in Bellflower.
Each site is centrally located within its submarket and in proximity to employment centers, transportation corridors, schools, parks and recreational facilities. Each of the buildings has been occupied by long-term tenants and has been locally owned and managed for decades.
Jack Levis and Matt Levis of CBRE represented the buyer, a private Los Angeles-based real estate company, and the seller, an unidentified nonprofit organization, in all seven transactions.
Over the last five years, the mid-counties multifamily market has seen an average of about 5.22% rent growth per year. Occupancy in this market has also been strong, growing each of the last five years to its current rate of 97.2%, according to CBRE research.
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