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12/22/22
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A private investor paid $7.4 mil for a 26-unit ($285k/unit) res property in the city of Whittier. The property, Governor Apartment Homes, is located on seven acres at 8407 Hydro Dr, west of Whittier Blvd and south of Washington Blvd.
Built in 1964, Governor Apartment Homes features a mix of one studio and 25 one- and two-bedroom floorplans. Recent capital improvements to the community include a new roof and windows, exterior paint, electrical panels and driveway slurry. Amenities include a swimming pool, air-conditioning, and laundry.
CBRE’s Dan Blackwell, Kevin Sin, Andrew Boukather and Sean Farag represented the private, all-cash, 1031 exchange buyer.
According to Sin, the buyer was looking to exchange out of the heavily regulated Los Angeles market. “The Governor Apartment Homes is a nice, clean asset with rental upside and is located in a great location within incorporated Whitter, which is not subject to the Los Angeles rent control.”
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