CBRE ANNOUCES SALE OF SEVEN-PROPERTY APARTMENT PORTFOLIO IN LOS ANGELES COUNTY FOR $15 MILLION
27 Jun 2018
CBRE announced the sale of a seven-property apartment portfolio in the Southern California cities of Downey, Bellflower and Norwalk for $15 million.
The Gateway Cities Portfolio consists of a total of 75 units and 48,906 rentable square feet. The buildings are located at 7417 Arnett St, 8344 Alameda St, 8442, 8446, 8450 Stewart and Gray Rd, 10319 Western Ave, 10714 Western Ave, Downey, 12044 Sycamore St, Norwalk, and 9903 Belmont St, Bellflower.
Each site is centrally located within its submarket and in proximity to employment centers, transportation corridors, schools, parks and recreational facilities. Each of the buildings has been occupied by long-term tenants and has been locally owned and managed for decades.
Team Levis also represented the buyer, a private Los Angeles-based real estate company, in the purchase of the portfolio.
“While coordinating the seven escrows simultaneously was strategically challenging, the buyer saw unique characteristics with each asset and the potential to add value in markets with strong rental demand,” said J. Levis. “It was a great success for all parties involved.”
Over the last five years, the mid-counties multifamily market has seen an average of about 5.22% rent growth per year. Occupancy in this market has also been strong, growing each of the last five years to its current rate of 97.2%, according to CBRE research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.