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August 13, 2020
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Cerritos Multifamily Asset Trades in $49 Mil Deal


Four Trees, a 150-unit apartment property in Cerritos, was purchased for $48.6 mil ($324k/unit) by Palos Verdes Management Company LP. The asset was sold by a partnership of local investors.

Located at 18427 Studebaker Rd, the property encompasses 8.75 acres, boasting expansive outdoor areas. It features eleven, primarily two-story buildings, including 38 one-bedroom units, 92 two-bedroom/one-bath units, and 20 three-bedroom/two-bath units. The site also contains two large courtyards with swimming pools, two common area laundry facilities and a currently unused club house and fitness room.

Laurie Lustig-Bower, Mike McKinney, Kamran Paydar and Nancy Bush of CBRE represented the seller in the transaction. The buyer repped itself.

“The property offers significant upside potential by renovating the exterior and interiors of the buildings,” said Lustig-Bower. “The demographic profile in Cerritos is very strong with an educated populace and a high average household income. For many residents one of the primary appeals of this area is the well-regarded, award-winning ABC school system. With few apartment communities in Cerritos, this was a fantastic opportunity in an unmatched location.”

Continued robust multifamily demand kept vacancies low across the U.S., especially in metro areas such as Los Angeles, according to CBRE’s fourth-quarter research. The overall U.S. vacancy rate fell to 4.1%, down 40 basis points year-over-year and the lowest fourth-quarter level since 2000. The continued demand for housing resulted in multifamily sales in Los Angeles reaching all-time highs in 2019 with $9.5 billion, according to CBRE data.

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