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11/15/19
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A 14-unit apartment complex in Whittier sold for $3.46 mil, which works out to $247k per unit. The property, located at 6330 Newlin Ave in Uptown Whittier, a prime area within the city and considered the historic “Heart of Whittier, was acquired by a Los Angeles-based partnership.
The apartment community consists of 11 two-bedroom/two-bathroom units and three one-bedroom/one-bathroom units. Built in 1963, the 13.3k sf building sits on a 14.7k sf parcel. There are two on-site laundry facilities, as well as a courtyard and each unit comes with at least one assigned carport.
Dan Blackwell and Sean Farag of CBRE represented the buyer in the transaction. The seller, a private investor, was repped by Melanie Bickley of Whittier Brokers.
“As expected, there was great demand for this value-add asset which received a considerable amount of interest and offers,” said Blackwell. “This was a great fit for our buyer who was looking to complete their 1031 exchange. We were able to provide competitive contract terms and the partnership was ultimately selected as the buyer, closing at $260 per square-foot.”
“While this property is a good piece of real estate in a great location, the pricing metrics are what really attracted the buyer to the deal, with a going-in cap rate of nearly 5%,” said Farag.
The Uptown Whittier property is within walking distance to many of the area’s most popular dining, retail and entertainment destinations. Also in proximity to the apartment community is Whittier College. Less than one mile west of the property is Whittier Boulevard, which connects Whittier to both Orange and Los Angeles counties.
Multifamily vacancy in the U.S. fell to 3.6% in the third quarter of 2019, down 40 basis points (bps) from the prior year and the lowest level since 2000, according to a CBRE research report. Average rent rose 2.9% year-over-year, on par with the second quarter of 2019 and slightly higher than the historical average of 2.6%.
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