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7/18/16
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Duchess Terrace Apartments, a 29-unit apartment community located along the 605 corridor in Whittier, was acquired by a private investor for $209k/unit, or around $6 mil. The property was 97 percent occupied at close of escrow.
Duchess Terrace is a two-story structure containing 14 one-bedroom/one-bathroom apartments, seven two-bedroom/one-bathroom apartments and eight two-bedroom/two-bathroom apartment homes. Apartment amenities include central air conditioning and heat, spacious interiors with upgraded kitchens and modern bathrooms. Community amenities include a pool, a barbecue grill, on-site laundry facilities and off-street gated parking.
Constructed in 1987, Duchess Terrace is conveniently situated behind the Santa Fe Marketplace on Washington Boulevard and Norwalk Boulevard. The property is a mile from the 605 Freeway and less than five miles from Downtown Whittier, where residents enjoy an abundance of boutique shops and restaurants. Also, the city of Whittier is ideal for commuting to the major employment centers in the greater Los Angeles areas.
Bryan Schellinger and Tyler Martin with ARA Newmark represented both parties in the transaction.
According to Schellinger, “With the largest floor plans in the submarket, Duchess Terrace is a well-located asset that greatly benefits from its proximity to neighborhood amenities and immediate freeway access. The new owner will be able to further improve upon the moderate upgrades to unit interiors, enhancing the cash flow for years to come.”
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