California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Alhambra Multifamily Changes Hands After 40-Year Hold
Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Woodside Terrace, an 85-unit apartment property in Alhambra. The asset traded for $26.25 million, or $312,500 per unit. Woodside Terrace represents the second largest asset sold in Alhambra in the last 25 years, in terms of number of units as well as sale price, according to IPA.
The property was well-maintained by ownership during a four-decade hold period, said Joseph Grabiec, IPA executive managing director investments. “The buyer is in a position to reposition the property over the next several years to compete with the renovated market leaders in the surrounding submarkets,” he said. “With 95% of all multifamily units in Alhambra built prior to 2000 and limited new construction on the horizon, demand for renovated properties is expected to remain high.”
Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, and procured the buyer, Raintree Partners.
- ◦Sale/Acquisition
