Apartment Prices Hit Record Highs

ARCADIA, CA—Multifamily property values continue to grow in Arcadia. A local investor has purchased a 16-unit apartment complex in the Los Angeles submarket for $431,250 per unit, the highest per-unit price ever paid for a multifamily property in the area, GlobeSt.com has learned exclusively. The per-unit price amounts to a total of $6.9 million for the property. The name of the seller was not disclosed.

This is the first time that this particular property has traded hands since it was originally developed in 1989. The seller had not originally intended to sell the property, however, he decided to sell because of the current healthy market conditions and pricing. “We marketed this property extensively to ensure that we were able reach the right buyer,” Han Widjaja Chen, president of Growth Investment Group, an affiliate of KW Commercial, tells GlobeSt.com. “Our approach ensured we were able to obtain maximum exposure for the property by leveraging several marketing channels. Our efforts paid off, and within the first week we were able to secure a full priced offer. The seller chose to keep marketing the property to see what other offers we could obtain so we continued to execute our marketing strategy for the property until we obtained an offer from the right buyer who was motivated to close the deal quickly.” Chen represented the seller in the transaction.