VP Tom Papoulias of Coldwell Banker Commercial West arranged the sale of the Seville Gardens Apartment Community, a 225-unit senior housing apartment complex located at 2701 Randolph St. in Huntington Park The transaction closed at $33,750,000.

Papoulias represented the seller, Seville Gardens, LLC. The buyer, Equity Consultants Equity, Inc., plans to maintain the property as senior housing.

“Seville Gardens presented an excellent investment opportunity with a substantial upside in rents,” said Papoulias. “Pacific Boulevard recently underwent a $4,000,000 beautification project intended to make the street more pedestrian-friendly and attract more shoppers, so there is incredible potential. Area rentals boast very low vacancy rates.”

Seville Gardens was built in 1989 by the seller on a 1.09-acre lot occupying an entire block on Randolph Street between Seville and Stafford avenues, a quarter mile from Pacific Boulevard, Huntington Park’s main commercial thoroughfare. The property is currently under a building covenant that mandates it be used as 55-plus housing, with 20% of units rented to low-income tenants until 2038.