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2/28/17
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Kimberly Apartments, a 26-unit residential property in Baldwin Park, sold for $4.275 mil, or $164.4k/unit. The property, located at 14521 Clark St, traded at what we’re told is a record 3.19% cap rate.
Built in 1964, the property was 100% occupied at the time of the sale. It consists of 12 one-bedroom units and 14 two-bedroom units. Each unit features wall air conditioning, gas wall heating, and a gas stove/oven. Community amenities include a pool, barbeque area, 26 tuck-under, covered, and 12 uncovered parking spaces.
The Kimberly Apartments is located adjacent to Baldwin Park’s downtown commercial core and its civic center area. The community is walking distance from the Baldwin Park Bus Terminal and Metrolink Commuter Rail Station, providing residents convenient access San Bernardino Line. LA Union Station is only three stops and 30 minutes to the west. The Kimberly Apartments is also a half-mile from Morgan Park and The Esther Snyder Community Center – considered Baldwin Park’s City Center. Top employers in the immediate area include Kaiser Permanente, UPS, and Walmart.
Bruce Furniss with Berkadia represented the buyer, 14521 Clark Waterford LLC of Irvine, and the seller, Mission Real Estate Group LLC of Pasadena. According to Furniss, the buyer is an active, value-add, rehab-developer who will spend over $27k/unit in rehab, upgrades and enhancements to the property. The deal closed at an above-market LTV of 72% in spite of in-place rents being 28% below market.
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