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6/03/20
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A 13-unit apartment property in the city of San Gabriel was acquired by a private buyer for $5.1 mil, or $392k/unit. The asset was sold by a local family office looking to trade into triple-net, single-tenant assets out of state.
The 12.6k sf property, located at 817 Padilla St, roughly 11 miles east of downtown Los Angeles, sits in the San Gabriel Mission District and features all two-bedroom/two-bathroom units with private patios or balconies. Each apartment comes with a two-car garage.
CBRE’s Eric Chen and Andy Yu represented the seller in the transaction. The CBRE team also assisted the buyer with a refinancing of another property to free up cash for the down payment for the purchase of the San Gabriel asset.
According to Yu, the buyer was attracted by the prime location and the ability to reposition the property through interior renovations over time, while the seller was looking to retire his multifamily investments and is exchanging into triple-net retail asset out of state.
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