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LOS ANGELES COUNTY NEWS
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Private Investors Trade Norwalk Res Property in $20 Mil Deal

11/07/17

Villa Hermosa Apartments, a 95-unit apartment complex in Norwalk, sold for $20 mil or $210.8k/unit. Both the buyer and seller are private investment entities.

Built in 1963, Villa Hermosa Apartments is located at 14717 Pioneer Blvd, close to interstates 5 and 605 and California State Route 91. Long Beach Airport is less than seven miles away.

The unit mix at the property consists of 36 one-bedroom/one-bath units and 59 two bedroom/one-bath apartments. The new ownership plans to initiate a renovation program to upgrade the interior units and exterior common areas to enhance value and increase revenue.

Tyler Leeson and Matthew Kipp with Marcus & Millichap represented the buyer. According to Leeson, this is the largest non-institutional multifamily transaction in Norwalk this year. And, it is also the year’s largest private client sale to have taken place along the 605 corridor in Los Angeles County from Long Beach to Whittier.




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