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5/27/20
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Capetown Village, an 18-unit multifamily property in Paramount, was purchased by a private investor for $4.7 mil, or $261k/unit.
Located at 7205 Motz St, Capetown Village was originally constructed in 1986 and is comprised of all two-bedroom/1.5-bathroom townhome-style units. The apartments feature two-car carports, private backyards, central air and laundry hookups. The property is within two miles of both I-705 and SR 91, two major Southern California freeways that connect Paramount to Los Angeles as well as Orange and Riverside County.
CBRE’s Dan Blackwell and Sean Farag represented the buyer and the seller, also a private investor, in the transaction. The buyer was in a 1031 exchange. Including the Paramount transaction, Blackwell and Farag have closed three deals in the last 45 days for a total of $8 mil.
“Southern California and especially coastal California is unique and has always been an attractive market for investors due to the strong demographics and the high barriers to entry for new development,” said Blackwell. “While Southern California has been impacted by the pandemic it stands to benefit from its strong fundamentals.”
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