Rehabbed Apartment Property Attracts Buyer

[IMGCAP(1)] Los Angeles

A 44-unit apartment community called Simpson Avenue Apartments at 7526 Simpson Ave. in North Hollywood has sold for $5.8 million or $132,000 per unit. Melinda Russell of the North Los Angeles office of Hendricks & Partners represented both the buyer, IPX, IQ for 8353 Cedros Partners LLC, and the seller, 7526 Simpson Ave. Apartments LP. According to a prepared statement, this was an attractive investment for the buyer as it was a fully rehabbed property and closed with 100% occupancy after obtaining a new 70% Fannie Mae loan—which took 90 days—and closed at a 7.7% cap rate and 8.2 GRM.

Evergreen Development Co. has completed the development of three Fresh & Easy Neighborhood Market stores in Southern California and all three are scheduled to open in February. The stores are in Rialto, Los Angeles and Whittier. The Los Angeles store is a mixed- use project in South Central Los Angeles at 1025 E. Adams Blvd. and is set to open Feb. 24. The Fresh & Easy store is 14,796 square feet and is located on the ground level, along with two spaces for future retail tenants and three levels of apartments above the retail that are expected to be move-in ready in early March. “The neighborhood is underserved by traditional retailers and grocery stores,” says Bruce Pomeroy, Evergreen managing partner. “The project was part of a community redevelopment project with goals of improving the area and providing affordable housing.” The Rialto store was scheduled to open for business on Feb. 17 and is located in the Shoppes at Creekside at 2015 N. Riverside Ave. The 15,030-square-foot store includes an energy efficient design with skylights to bring in more natural light, LED lighting, increased insulation and energy-efficient refrigeration systems. The 14,480-square-foot Whittier location includes similar energy efficiency design elements and is located at 13301 Whittier Blvd. The location is also scheduled to open Feb. 24.