Palos Verdes Mgmt. Buys Cerritos Multifamily for $49M
L.A.-based Palos Verdes Management Company has acquired a 150-unit multifamily property in Cerritos, CA, for $48.6 million, or roughly $324,000 per unit. Located at 18427 Studebaker Rd., the property – branded as ‘Four Trees’ – features 11 primarily two story buildings on 8.75 acres, including expansive outdoor areas and amenity features.
A CBRE multifamily investment sales team of Laurie Lustig-Bower, Mike McKinney, Kamran Paydar and Nancy Bush represented the seller, a partnership of local investors. Palos Verdes Management Company, a private partnership, represented itself.
Originally built in 1969, the property includes a mix of one, two and three-bedroom units surrounding two large courtyards with swimming pools, and a currently unused club house and fitness room.
According to CBRE’s McKinney, “Four Trees is an extremely rare apartment sale in the City of Cerritos. The buyer … plans to apply their expertise to bring this asset up to standards, equaling its quality location and fullest potential.”
For comments, questions or concerns, please contact Chris Egger
- ◦Sale/Acquisition
- ◦Sale/Acquisition