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September 20, 2019
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MULTIFAMILY NEWS
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Buyer Spends $5.3 Mil on Whittier Multifamily Property

8/23/19

A local private investor paid $5.3 mil for Friendly Hills Apartment Homes, a 21-unit ($252k/unit) res property in Whittier. From what we understand, this was the first time the property had been on the market since it was built in 1960.

Located at 10101 Santa Gertrudes Ave, the 17.7k sf site is nestled at the foothills of the affluent Friendly Hills neighborhood and in proximity to the Whittwood Towne Center that includes many major retailers.

CBREs Dan Blackwell and Sean Farag represented the buyer and the seller, a family trust. The property traded at $298 per square foot and a 3.25 % cap rate on current income.

We were able to generate multiple competitive offers for this value-add asset, said Blackwell. The buyer resides and owns other investment property in the area, making it a perfect fit for their portfolio.

He added, The new owner promptly started his renovation plan upon closing of escrow and looks to quickly achieve the potential of this property, which is ideally located between the LA and OC counties and presents the opportunity for continuous demand and a steady income stream.





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