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8/19/19
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Sagewood Gardens, a 162-unit community for residents 55 and above in Hacienda Heights, has sold for $34.375 mil ($212k/unit). The property is located at 14814 Gale Ave, just north of the 60 Fwy in the heart of the San Gabriel Valley.
Built in 1988, Sagewood Gardens is a one and two story, 162-unit apartment community and comprises 21 residential buildings totaling 94k sf of space. The complex is situated on a 5.29-acre site.
The apartment homes feature spacious one and two-bedroom floor plans and a detached, single family residence with an average size of 580 sf. The property boasts a fitness facility, residents lounge featuring a media room, covered parking, and an activity center.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private Los Angeles owner, and the San Gabriel Valley based private buyer. The listing received multiple offers.
According to Ozen, the demand for senior housing is expected to outpace supply over the coming decade as the baby boomer generation transitions to retirement.
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