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March 23, 2018
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San Gabriel Valley Apartment Portfolio Sold in Deals Totaling Over $50 Mil


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.

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