California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Artesia Multifamily Offers Repositioning Option for New Owner
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Los Arboles, a 158-unit multifamily asset in Artesia. The property sold for $43.45 million, or $275,057 per unit. By number of units and sales price, Los Arboles is the largest multifamily sale to ever take place in Artesia, according to IPA.
“New ownership has the opportunity to reposition Los Arboles over the next several years to compete with the renovated market leaders in Artesia’s supply constrained multifamily marketplace,” said Joseph Grabiec, IPA executive managing director investments. Grabiec and IPA’s Kevin Green and Gregory Harris represented the undisclosed seller and procured the buyer, Palos Verdes Investments.
“Artesia is one of the most chronically underserved rental markets in the Greater Los Angeles region,” said Green. “Since 1990, only five apartment buildings totaling 42 units have been added to the city’s apartment stock, and since 2019, the price of a single-family home has increased over 36%.”
- ◦Sale/Acquisition
