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3/16/22
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Merri Manor Deluxe Apartments, a 37-unit complex in San Gabriel, sold for $14 mil ($378.4k/unit) in an all-cash deal. The asset was purchased by The Stanley A Sirott Trust, an active local investor with substantial multifamily experience.
Located at 421 East Live Oak St, the 55.2k sf complex sits on just over an acre and features large units, spacious common areas and abundant tenant parking. Common area amenities include a pool, recreation room, clubhouse, putting green and on-site automated laundry facility.
CBRE’s Priscilla Nee repped the buyer in the transaction. CBRE’s Greg Nassir and Edward Matevosian represented the seller, The Robinson Family.
“The Robinson Family held this property for 50 years and has had an outstanding track record as landlords,” said Nassir. “As with any older vintage building, Merri Manor needs some work, and the sellers were ready to retire rather than taking on a next round of renovations. As such, they were looking for a simple escrow.”
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