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June 13, 2024
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Leasehold Interest in Whittier Multifamily Community Goes for Almost $50 Mil


NextGen Properties Group purchased the leasehold interest for Alivia Apartments, a 128-unit multifamily property in Whittier, in a recent $49.625 mil ($387.7k/unit) transaction. The property, located at 11201 Carmenita Rd, was sold by Fairfield Carmenita LP.

Sitting on over five acres, Alivia Apartments has seven residential buildings with 68 one-bedroom/one-bath units that average 742 sf and 60 two-bedroom/two-bath apartments averaging 1.1k sf. All units have stainless-steel appliances, washers and dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park, and outdoor fire lounge.

“Completed in 2022, Alivia is one of the only newly constructed apartment buildings in the Gateway Cities region of Los Angeles County,” said Kevin Green, IPA executive managing director. “With just one 60-unit property in the development pipeline, Alivia will be one of the few new rental options.” Green, along with IPA’s Joseph Grabiec and Greg Harris, represented the seller and procured the buyer in the deal.

Michael Derk with Marcus & Millichap Capital Corporation, arranged the acquisition financing for the transaction. The 10-year, $19.125 mil, nonrecourse loan is fixed at 5.31% and has a step-down prepayment penalty, according to Derk.

“The lack of housing development in Whittier over the past five years has contributed to year-over-year rent growth of 4.63% and 97% average occupancy,” added Grabiec. “Given limited new supply, it is expected that, over the next five years, rent growth will average 3.96% year-over-year and the submarket will maintain 98% to 99% average occupancy.”

There are over 800,000 jobs within a 10-mile radius of Alivia Apartments and proximity to interstates 5, 605, 105, state routes 60 and 91 gives residents access to approximately 1.3 million jobs in the nearby cities of Anaheim, Long Beach, Torrance, El Segundo and Los Angeles. Three regional Metrolink rail lines, retail and entertainment at the Santa Fe Springs Marketplace, Whittier Marketplace and Uptown Whittier, are all nearby.

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