GLENDORA, CA—Employment centers are driving multifamily investment demand. An unnamed domestic investor has purchased the Glendora Park Place Apartment Homes from Glendora Park Place Inc. for $14.5 million, or $303 per square foot. The buyer was attracted to the property for its great location near major employment centers.

“The property's recent construction near major employment centers of Los Angeles made this an attractive investment for the buyer,” Peter Hauser, a broker in Berkadia's Newport Beach office, who transacted the sale, tells GlobeSt.com. “We're seeing a continuance of the upswing in commercial real estate, particularly in the multifamily market across all Southern California submarkets, and we expect that momentum to continue in the coming months.” The top employers in the area include Azusa Pacific University, Citrus Community College District, Citrus Valley Medical Center and Raging Waters.

Located at 633-641 West Route 66 in Glendora, the property has both multifamily and commercial space, which boast a 95% occupancy rating. The three ground levels of the complex are dedicated to commercial space, while the 50 multifamily units include a mix of studio, one- and two-bedroom apartments. The interior units feature granite countertops, in-unit washers and dryers, hardwood floors, walk-in closets and private balconies, and the property's amenities include a clubhouse, controlled gate access and covered onsite parking.

Glendora is part of the South Los Angeles market, which has been experiencing healthy growth. “Apartment vacancy in the Los Angeles South market ended the first quarter [2015] at a healthy 3.6%, with asking rents up 4.4 percent annually,” says Hauser. “With historically low vacancy and robust rent trends, we're seeing significant investor interest in all submarkets, and among all classes of apartment communities. Glendora Park Place, in particular, garnered a lot of attention from prospective buyers due to the age and location of the asset.” 

The demand for housing has attracted developers to the area as well. City Ventures recently assembled an 8.76-acre land site from five parcels in the area to build a 144-townhome community of for-sale properties. The developer has closed on one of the five parcels and will close on the remaining four parcels throughout the year.