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8/21/17
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Azure Apartments, a 126-unit property in the San Gabriel Valley city of Rowland Heights, traded hands in a recent $29.25 mil ($232k/unit) transaction. The property, located at 1940 Fullerton Rd, was purchased by Stratford Partners, out of San Diego.
Constructed in 1974, Azure Apartments had been partially renovated by the two previous owners. It features one- and two-bedroom apartment units, a pool, communal BBQ area, fitness center, laundry facility and extensive landscaping. The property is located near a multitude of amenities, employment and higher-education facilities.
Dean Zander with CBRE represented both the buyer and seller, Fullerton Road, LLC. According to Zander, Stratford intends to further renovate unit interiors and common areas to cater specifically to the emerging resident demographic.
Rowland Heights has a population of 47,000 with an average household income of $85,596, according to CBRE research. The San Gabriel Valley represents approximately15% of the population within Los Angeles County and is home to more than 74,000 businesses, including a workforce that exceeds 670,000 persons.
“This is a very desirable San Gabriel Valley location, with lots of employment opportunities, connectivity to the greater region, as well as an abundance of amenities,” said Zander. “This submarket virtually hasn’t seen any new apartment construction in 30 years.”
Apartment vacancies in the Greater Los Angeles region are expected to remain stable in 2017 with a probable temporary rise due to new supply opening in 2018 with rents expected to continue to increase at a moderate pace, according to the latest CBRE research. Suburban markets that provide an urban-like live-work-play environment are well positioned to capture strong demand, including from office users, according to a new report from CBRE. Among the most common attributes of so-called “urban-suburban” submarkets is the presence of abundant retail and office, as well as employment opportunities, based on a survey of CBRE Research professionals in the 25 largest suburban markets.
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