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8/11/17
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Evart Street Apartments, a 68-unit, 34.2k sf multifamily complex in the Inland Empire city of Montclair, was purchased by Mak and Wen Management Inc for $8.85 mil. The deal works out to about $130k/unit and $259/sf, one of the highest per-square-foot prices for a multifamily property in the Montclair/Pomona market, we’re told.
Located at 4205-4251 Evart Street, the property features a renovated common area with fresh landscaping, barbeque facilities, and sundeck units. About 60% of the apartments have also undergone a revamp, providing the new owner with further upside potential.
Eric Chen and Dan Blackwell with CBRE represented the buyer, a local private family looking to hold long term, and the sellers, Evart Montclair LLC and CP Montclair LLC, a regional investor group.
“This is the third time we have sold this property in the last two years,” said Chen. The value today is 42 percent higher than the first sale in March of 2015. The groups that have owned this asset have created additional value but have also left upside for the next buyer.”
The number of new apartments expected to come online in the Greater Los Angeles area this year is expected to top the previous record reached in 2016, driven by continued strong demand for rental space, according to CBRE Research. Continued strong demand helped buoy effective rates to $1,630 during the first quarter from $1,298 in Q1 2012. Rental rate growth was driven not just by changing home-ownership preferences but also by the development of high-end multifamily properties in the region.
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