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6/12/20
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Starcrest Apartments, a 28-unit multifamily apartment property in Arcadia, was purchased for $8.9 mil ($318k/unit) by an unidentified local investor. Located at 942-944 Arcadia Ave, south of Huntington Dr and east of Rosemead Blvd, the property is comprised of two, two-story buildings on a 38.1k sf lot.
Starcrest Apartments consists of 14 one-bedroom/one-bathroom and 14 two-bedroom/one-bathroom units. The courtyard property, constructed in 1959, features two on-site laundry facilities and carports. The spacious units offer electric cooktops, forced heat, wall units for cooling and ample closet and storage space. Many units have been partially updated with laminate flooring and granite countertops.
Situated in the heart of Arcadia, Starcrest Apartments is within walking distance to the Santa Anita Racetrack and the recently renovated Westfield Santa Anita Shopping Center with close to 300 stores and restaurants, as well as other amenities on Huntington Drive, Baldwin Avenue, and Duarte Avenue. The property is also in proximity to the Los Angeles County Arboretum and Botanical Gardens, Methodist Hospital of Southern California, and the Santa Anita Golf Course.
Priscilla Nee of CBRE represented the buyer and the seller in the transactio, which closed at a 3.31% cap rate. The buyer secured a 3.40%, five-year fixed rate loan. According to Nee, this is the first time this asset has traded in over four decades.
“The seller decided it was time to retire from the apartment business and further improve his golf swing,” said Nee. “Despite coming to market just as the Covid-19 pandemic started, we
were still able to generate multiple bids, including a non-contingent offer at 99% of our list price, with a significant pass-through deposit upon acceptance.”
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