(To read more on the multifamily market, click here.)
ARCADIA, CA-Buyers have paid nearly $9 million for three apartment complexes in three transactions here and in two other nearby cities, according to Hendricks & Partners. The largest of the three deals is the $3.97-million sale of the 20-unit Cavalier Apartments here. The other two deals closed in San Gabriel and Pasadena and were brokered by the Pasadena office of Hendricks & Partners.
The three deals closed in the San Gabriel Valley submarket, which was described in the latest Hendricks & Partners market report as a region with strong price appreciation. "Escalating home prices and steady job growth translated into strong gains for local apartment properties," the report said.
The Karyn Trust of Los Angeles bought the Cavalier complex at 921-933 W. Huntington Dr. from Robert & Mary Nuccio Trust of San Marino in what will be a repositioning play, according to Kevin Lutz and Robert Chui of the Pasadena office of Hendricks & Partners. The Hendricks brokers note that this is the first time property has been on the market in more than 50 years.
In the San Gabriel transaction, an individual investor based in Los Angeles bought a 16-unit complex at 7238-7246 Lotus Ave. from NMN Enterprises LLC of San Marino for $2.7 million. The transaction was negotiated by Lutz and Chui.
In the third deal, an individual investor based in Pasadena acquired an 18-unit property at 411 N. Summit Ave. from the George A. Colletta and Anna M. Colletta Family Trust of Portland, OR for $2 million. Lutz, who negotiated the deal, notes that the seller carried a first trust deed, with the buyer making a 35% down payment and financing via a fixed rate loan at 7% for seven years. The buyer plans to rehab the property and raise rents to market.
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