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1/17/22
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Positive Investments paid $68 mil for a three-property multifamily portfolio located in the San Gabriel Valley totaling 274 units ($248k/unit). The properties were sold by The Hunsaker Family.
The portfolio, located at 4405 Rosemead Blvd, 5123-5205 Rosemead Blvd, 4436-4438 Ivar St and 3815 Baldwin Ave in El Monte, includes Fashion Park Apartments (67 units), Glen Haven Apartments (75 units) and Fashion Lane Apartments (132 units). The buildings total 215.7k sf and a have combined lot size of 363.1k sf.
Located in the San Gabriel Valley with easy access to nearby 10 and 210 freeways along with metro access, the properties offer a mix of one-, two-, and three-bedroom units, and single-family residences. Additionally, the building’s range of lush living amenities include swimming pools, club houses, secure entry, covered parking and carports, as well as plentiful area dining options, retail stores, schools, and recreational spaces, making its central location ideal for attracting tenants.
Warren Berzack with Lee & Associates LA North/Ventura represented both parties in the transaction.
“The properties, all of which were in close proximity to each other, sold over ask with multiple offers in just three weeks,” said Berzack. “This portfolio signals an extraordinarily strong demand for the multifamily market, particularly those that offer a value-add reposition play. There is also a limited quantity of large property types like this on the market.”
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