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4/16/19
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Bellflower Boulevard Apartment Homes, a 26-unit multifamily community in Downey, was acquired by a private investor for $6 mil, or $231k/unit.
Located at 11638 Bellflower Boulevard, the property consists of 17 one-bedroom apartments and nine two-bedroom apartments. The units range from 650 sf to 900 sf, and amenities include a central courtyard, laundry facility and 26 parking spaces. Approximately 54% of the units have been recently renovated, providing upside potential for new buyer.
The 18.8k sf site is in proximity to the 605, 405 and 5 freeways. The centrally located property is within 1.5 miles from numerous retail centers including Downey Landing, Stonewood Center and Downey Promenade. The two major thoroughfares in the area, Firestone Blvd and Lakewood Blvd, are within one-half mile of the complex.
Dan Blackwell and Priscilla Nee of CBRE represented the seller in the transaction.
“This is a recently improved asset, located in a fast-growing submarket of Los Angeles,” said Nee. “In the Gateway Cities area, rents are growing faster than the metro average. Because much of Los Angeles’ new development targets the top of the market, the competition for more affordable units is increasing and driving the historically low vacancy rates in these areas. These factors allowed us to field multiple competitive offers.”
The Los Angeles multifamily market has been extraordinarily dynamic over the past year, with net absorption and delivery totals reflecting sustained high levels of demand and completions, according to a CBRE research report. For the year ending in Q3 2018, completions totaled 13,026 units (up 61.6% year over year) and absorption increased 46.1% to reach 14,182 units. Multifamily asset acquisitions reached $2.8 bil in Q3 2018 (up 13.1% year over year), the strongest quarter since Q4 2016.
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