CBRE announced the sale of a multifamily complex in West Covina, CA for $18.8 million.
CBRE’s Priscilla Nee, Dean Zander, Stew Weston, John Montakab, and Eric Chen jointly represented the buyer, a partnership associated with Landmark Properties in Sherman Oaks.
The community, located at 2000 W Pacific Avenue, is comprised of 80, single-story, twobedroom units. The residences average 1,040 square feet in size and feature fireplaces and private patios. The property includes a courtyard, swimming pool, barbeque area, laundry facilities and secured entry.
“During the 30-year ownership, only partial upgrades have been made, which is providing an ideal renovation and repositioning opportunity for the buyer,” said Zander. “This area is in such shortage of quality housing. A property like this is greatly needed and in high demand.”
The 83,200-square foot building sits on 6.50 acres of land, providing a low density feel and great potential for expansion and redevelopment in the future. The buyer assumed the existing affordable housing agreement, stipulating 12 units. This contract has 12 years remaining of an initial 35-year term.
The CBRE team also represented the seller, Mauna Loa Apartments.
“There is significant upside potential, which makes this an even better investment than it already is,” said Nee. “Demand for apartment properties remains incredibly high, especially in the San Gabriel Valley region where we are seeing high employment growth.”
She added “This property is one of the rare low-density multifamily sites in the area, situated on almost 7 acres along the 10 Freeway in the San Gabriel Valley.
It makes this an extremely rare opportunity with the potential to redevelop for higher-density purposes in the future.” Apartment vacancies in the Greater Los Angeles region are expected to remain stable with a probable temporary rise due to new supply opening in 2018. Rents are likely to continue to increase at a moderate pace, according to the latest CBRE research.
CBRE’s Priscilla Nee, Dean Zander, Stew Weston, John Montakab, and Eric Chen jointly represented the buyer, a partnership associated with Landmark Properties in Sherman Oaks.
The community, located at 2000 W Pacific Avenue, is comprised of 80, single-story, twobedroom units. The residences average 1,040 square feet in size and feature fireplaces and private patios. The property includes a courtyard, swimming pool, barbeque area, laundry facilities and secured entry.
“During the 30-year ownership, only partial upgrades have been made, which is providing an ideal renovation and repositioning opportunity for the buyer,” said Zander. “This area is in such shortage of quality housing. A property like this is greatly needed and in high demand.”
The 83,200-square foot building sits on 6.50 acres of land, providing a low density feel and great potential for expansion and redevelopment in the future. The buyer assumed the existing affordable housing agreement, stipulating 12 units. This contract has 12 years remaining of an initial 35-year term.
The CBRE team also represented the seller, Mauna Loa Apartments.
“There is significant upside potential, which makes this an even better investment than it already is,” said Nee. “Demand for apartment properties remains incredibly high, especially in the San Gabriel Valley region where we are seeing high employment growth.”
She added “This property is one of the rare low-density multifamily sites in the area, situated on almost 7 acres along the 10 Freeway in the San Gabriel Valley.
It makes this an extremely rare opportunity with the potential to redevelop for higher-density purposes in the future.” Apartment vacancies in the Greater Los Angeles region are expected to remain stable with a probable temporary rise due to new supply opening in 2018. Rents are likely to continue to increase at a moderate pace, according to the latest CBRE research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
