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June 25, 2024
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MULTIFAMILY NEWS
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Local Investors Trade Downey Apartment Property

11/01/21

A 16-unit apartment property in Downey sold for $3.95 mil, or $247k/unit. The property, located at 11502 to 11506 Adco Ave, traded at a 4.73% cap rate.

Built in 1957, the two-building, two-story property was fully occupied at the close of escrow. It consists entirely of one-bedroom units. Fourteen of the 16 units were recently renovated to feature granite kitchen countertops and new flooring. The property features a large central courtyard and gated access and is located between the 710, 5 and 605 freeways.

Mark Ventre and Darin Beebower with Stepp Commercial represented the buyer, a Los Angeles-based private investor. The seller was also a Los Angeles-based private investor.





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