The complex was 95% occupied at the time of the sale, broker Peter Hauser of Hendricks & Partners tells GlobeSt.com. Hauser and Hendricks' Chris Cockerham represented both the buyer and the seller.
Hauser tells GlobeSt.com that the complex, built in the 1960s, consists of single-story, garden style buildings on a site of about seven acres. It includes 88 two-bedroom, one-bath units and 15 with two bedrooms and two baths.
"This is a central location that's very convenient for renters," he says. "It's close to jobs in the City of Industry and it's only about 20 minutes from Los Angeles."
Rents were about $868 for the two-bedroom, two-bath units and $889 for the larger units, Hauser says, but newer tenants are paying closer to market rents of about $925 to $950.
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