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MULTIFAMILY NEWS
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Private Investor Pays Almost $500k/Unit for Arcadia Residential Complex

5/10/22

Shalimar Apartments, a 20-unit apartment complex in Arcadia, was purchased by a private investor for $9.5 mil ($475k/unit). Located at 933 Arcadia Ave, the multifamily property contains 28k sf of space over two floors.

The property features two- and three-bedroom units with an average size of 1.4k sf. Common area amenities include intercom entry, a lush courtyard setting with water feature, a gated pool, an on-site laundry facility, and gated parking.

Shalimar Apartments is within walking distance to Westfield Santa Anita Shopping Center, which offers about 1.3 million square feet of retail and dining space, with close to 300 stores and restaurants, as well as shops, eateries, and entertainment along Huntington Dr, Baldwin Ave, and Duarte Ave.

CBRE’s Priscilla Nee represented the buyer and the seller in the deal. According to Nee, the buyer wrote a non-contingent offer, passed through $1 mil upon acceptance, and accommodated all of seller’s terms.

“Shalimar Apartments is an exceptionally well-situated multifamily complex in an A+ West San Gabriel Valley location,” said Nee. “The property sold above list price to a private real estate collector, who already owns assets in the immediate area and has a track record of working with us.”





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