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5/21/18
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A 23-unit apartment complex in Norwalk was purchased by a private investor for $4.35 mil ($189k/unit). The asset, which sold within one day of marketing, traded at an in-place cap rate of 2.99%.
Located at 11037 Ferina St, the property contains 15.2k sf of space and has a mix of one- and two-bedroom units. The building’s amenities include a swimming pool and on-site laundry facility. The property, built in 1963, is also in proximity to Cerritos College, Norwalk Town Square and the 605, 91 and 5 freeways.
Dan Blackwell and Sean Farag of CBRE represented the buyer and the seller, a family trust, in the transaction.
“The asset received great interest as properties don’t trade too often in Norwalk,” says Blackwell. “With approximately 40% upside in rents, this value-add opportunity sold within one day of marketing. The buyer was particularly attracted to the substantial upside of this asset and the strong, surrounding rental market.”
Los Angeles is at the top of the list for property purchases this year. Commercial real estate investors across the nation are more positive going into 2018 than they were at the start of last year, with Los Angeles being the No.1 target market, according to CBRE’s latest survey. Particularly value-add assets are favored this year as investors are searching for yield and asset diversification.
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