The complex stands at 444 W. Duarte Blvd. Nevins Construction purchased it from four private investors. David Kaufman and Richard Ringer of Marcus & Millichap Real Estate Investment Brokerage Co. represented all parties in the transaction.

As in most other parts of Southern California, vacancies in Arcadia and the rest of the San Gabriel Valley have dropped to the low single digits because demand has boomed, while little new construction has taken place. The sharp rise in rents and multifamily property values has prompted many investors to keep their properties in their portfolios, which in turn has triggered a big slowdown in sales.

One recent report by LA-based Beitler Commercial Realty says Los Angeles County multifamily sales in February, the latest month for which data is available, were down 72% from a year earlier.