The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 15, 2017
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





LOS ANGELES COUNTY NEWS
Printer-friendly Version   Email an Associate
San Gabriel Valley Apartment Portfolio Sold in Deals Totaling Over $50 Mil

10/24/17

A 15-property apartment portfolio in the western San Gabriel Valley sold for a total price of $51.7 mil. The portfolio, which consists of 169 units in 15 properties, was sold to a number of different investors.

The portfolio is made up of 10 Arcadia properties, two San Gabriel complexes, and single buildings in Pasadena, Sierra Madre, and Monrovia. The properties were sold by Louise C. Gelber Trust, a local family office.

Each property features turn-key exteriors and common areas, extensive landscaping, and, with the exception of one property that has in-unit washer and dryer hook-ups, offers on-site laundry rooms, among many other features. Most of the residents at the properties are long-term, providing a consistent and proven income stream to the new investors.

CBRE’s Priscilla Nee represented the seller in the transactions. Nee also represented 10 of the individual buyers while four were represented by CBRE’s Eric Chen.

Many of the properties closed within a short, seven-day escrow period with no contingencies, and nearly all of the buyers provided a 10 percent pass-through deposit. Nearly all the sales came in above the asking price, with cap rates just south of 2%.

According to Nee, “there is substantial immediate upside in rents, ranging from 12% to 47%. A new investor will also be able to realize further rent growth through complete unit renovations.”

The U.S. multifamily market has remained solid. The vacancy rate for apartment properties in the Greater Los Angeles region was 3.9% in the second quarter. Strong rental rate growth was driven not just by changing home ownership preferences but also by the development of high-end multifamily projects.

“Demand for apartment properties remains incredibly high, especially in the West San Gabriel Valley region where we are seeing high employment growth and where communities are looking to provide amenity-rich and true live-work-play environments,” said Nee.





Return to the previous page


 


 


 
The Foto Finisher

 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media