Los Angeles Area Multifamily Community Sells to Local Investor for $14.7 Million – CBRE
16 Jul 2020
Los Angeles – announced the sale of a multifamily property in San Gabriel, CA to a local private buyer for $14.7 million.
CBRE’s Priscilla Nee represented the seller, a private local investor.
Located at 5730 N. Willard Ave., the 62-unit multifamily community, called Coral Reef, was originally built in 1963 and sits on a 1.55-acre lot. The 38,966 square-foot property is comprised primarily of two-bedroom units and features 81 parking spaces. Coral Reef’s community amenities include an on-site laundry facility, pool and clubhouse.
The property is within four miles of both I-10 and I-210, two major Southern California freeways that connect the San Gabriel Valley to the rest of Los Angeles County. Coral Reef is walking distance from San Gabriel Country Club and the numerous dining options on Rosemead Boulevard.
“The seller was looking to invest in opportunities outside of California while the buyer was eager to get their foot in the door in a market that has benefitted from great demand and population growth,” said Nee.
CBRE also represented the buyer in the deal.
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.