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10/31/18
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Kimberly Apartments, a 26-unit stabilized and fully renovated building in Baldwin Park, sold for $6.26 mil, or $241k/unit. The 19.4k sf property is located at located at 14521 Clark St, north of I-10 and east of I-605.
Kimberly Apartments has a mix of 12 one-bedroom/one-bathroom units and 14 two-bedroom/one-bathroom units. The property features a gated entry with controlled access, a swimming pool, BBQ area, laundry room, and assigned covered and open-space parking.
The building is located in central Baldwin Park, near the intersection of Los Angeles St and Maine Ave, less than two miles from the 10 and 605 freeways. It is also positioned in proximity to bus stations, a Metrolink station, the public library, post office, as well as other amenities.
CBRE’s Eric Chen represented the buyer, a local investor based in the San Gabriel Valley, and the seller in the transaction. Ryan Wilkinson with CBRE Debt & Structured Finance assisted with the $4.41 mil Freddie Mac SBL loan.
Multifamily asset acquisitions reached $2.5 bil in Q2 2018, up 36.4% year over year, the strongest quarter since Q3 2014, according to CBRE research. While private buyers were the most active buyers (70% of total share), institutional (18%) and foreign investors (12%) captured a growing share of investment volume.
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