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2/26/15
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Benedict Canyon Equities purchased Corsica Apartment Homes, a 141-unit, garden-style apartment community in the southeastern Los Angeles County city of Pico Rivera. The property was sold by Davlyn Investments for $25.8 mil ($183k/unit).
Constructed in 1971, the community sits on 3.7 acres at 9128 Burke St, east of Rosemead Blvd and south of Slauson Ave. The unit mix consists of 74 one-bed/one-bath units, 50 two-bed/one-bath units and 17 two-bed/two-bath units. All units have air conditioning and select units have walk-in closets.
The community features mature landscaping, a gated entry system, covered parking, garages, open parking, a picnic area with gas barbecues, a children’s tot lot, elevator, a swimming pool and spa, a fitness center, a community clubhouse and card-operated laundry facilities.
Investment Property Associates senior director, Stewart I. Weston, and The Ensbury Group president, Martin Ensbury, represented the buyer and the seller in this transaction. The Ensbury Group is an affiliate of Keller Williams Beach Cities.
“Corsica Apartment Homes is a cash-flowing asset that has been consistently at or above 95 percent occupancy,” says Weston. “It is one of only four market-rate properties in Pico Rivera above 100 units and provides the new owner with an excellent opportunity to add value through minimal interior and exterior upgrades.”
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