Legacy Multifamily Complex Sells for $14M in San Gabriel
The Inland Empire’s robust real estate market isn’t always about the industrial space. CBRE is announcing the disposition of Merritt Manor Deluxe Apartments – a 37-unit complex in San Gabriel. The deal is worth $14 million, according to a news release.
CBRE’s Greg Nassir and Edward Matevosian represented the seller, the Robinson Family.
The apartments are at 421 East Live Oak St., with a 55,170-square-foot complex that sits on 1.08 acres. On-premises features include large units, spacious common areas and … wait for it … abundant parking.
Outside features include a pool, recreation room, clubhouse, putting green and on-site automated laundry facility.
CBRE’s Priscilla Nee represented the buyer, The Stanley A. Sirott Trust, an active local investor with substantial multifamily experience.
“The Robinson Family held this property for 50 years and has had an outstanding track record as landlords,” said Nassir. “As with any older vintage building, Merri Manor needs some work, and the sellers were ready to retire rather than taking on a next round of renovations. As such, they were looking for a simple escrow.”