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9/06/23
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Citrus Court, a 138-unit apartment community in Whittier, sold for $31.25 mil, or $226k/unit. The garden-style community, located at 8121 Broadway Ave, is encumbered by a 99-year ground lease with 41-years remaining.
Built in 1967, Citrus Court offers a mix of spacious studio, one-, two, and three-bedroom floorplans with an average size of 843 sf. The seller recently completed renovations in 120 units, updating kitchens & bathrooms and installing new hardwood floors. Community amenities include on-site laundry, two swimming pools, wi-fi lounge, BBQ area, and controlled access gates.
Otto Ozen with The Mogharebi Group advised the seller on the transaction.
Whittier has grown into one of the more affluent and dynamic residential areas in Southern California. Considered a Los Angeles County gateway city, it is 12 miles southeast of The City of Los Angeles, where a challenging political and regulatory environment has had a chilling effect on multifamily investment. In addition to restrictive eviction policies, the city’s recently passed Measure ULA taxes sellers 4-5% on sales over $5 mil. Since April 1, 2023 when the law went into effect, there have been only 10 multifamily sales over $5 mil, compared to 77 sales that were recorded in the same time period the previous year.
According to Ozen, those investors who have been driven away from doing business in Los Angeles are also drawn to Whittier and other second ring cities for their numerous demand drivers including relative affordability, excellent schools, and access to employment hubs throughout Los Angeles, the San Gabriel Valley and Orange County.
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