Value-Add Apartment Portfolio Trades Hands in L.A.

The Riviera and Rainbow Gardens, two nearby apartment properties totaling 72 units in Azusa, CA, have traded hands. The two-story properties each include 36 units and sold for $16.8 million.

The Riviera is on 1.275 acres at 1381 N. San Gabriel Canyon Road. It features a large swimming pool and an on-site laundry facility. An extensive exterior renovation was recently completed by the seller. Rainbow Gardens is situated on a one-acre parcel at 1311 Azusa Avenue. It includes a pool and on-site laundry room.

Avison Young’s Peter Hauser, Matt Hauser and Masa Ito in the company’s Irvine, CA, office, represented the seller, Cameron Properties, a privately held company based in San Gabriel Valley, and the buying entities formed by Los Angeles-based Barker Pacific.