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15-Asset SoCal MF Portfolio Trades for $52M
A 15-property SoCal apartment portfolio in the West San Gabriel Valley sold for a combined total of $51.7 million to a variety of different private foreign and local buyers. The portfolio, which totals 169 units, is comprised of 10 Arcadia properties, two San Gabriel complexes, and a building in Pasadena, Sierra Madre and Monrovia.
CBRE’s Priscilla Nee represented the seller, Louise C. Gelber Trust, a local family office, in all 15 transactions. Many of the properties closed within a short, seven-day escrow period with no contingencies, and nearly all of the buyers provided a 10% pass-through deposit. Nearly all the sales came in above the asking price, with cap rates just south of 2%.
“This process was incredibly competitive, as these properties sit in highly coveted locations and are a product of decades of careful acquisitions and diligent management,” said Nee, who notes the well-maintained properties still offer an opportunity to add value.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
