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11/15/19
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Riverstone Apartment Homes, a 45-unit multi-tenant residential property in El Monte, has sold for $10.825 mil, or $240.5k/unit. The property is located at 3939 Maxson Rd, north of I-10 and west of I-605.
The property consists of six two-story, garden-style apartments comprising 40.2k sf of space. Offering a favorable unit mix of eight one-bedroom/one-bathroom, 22 two-bedroom/one-bathroom and 15 three-bedroom/two-bathroom units, the investment offers significant immediate upside. The buyer plans to renovate the property.
David Leibowitz and Sevak Amranyan of Investment Real Estate Associates represented both the buyer, BAG Investments Inc, and the seller, 3939 Maxson LLC.
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