Three Assets Sell Over Asking with Multiple Offers in Three Weeks
A three-building multifamily portfolio located in the San Gabriel Valley recently sold for approximately $68 million. The portfolio, located at 4405 and 5123-5205 Rosemead Blvd., 4436-4438 Ivar St. and adjacent 3815 Baldwin Ave. in El Monte, spans the Fashion Park Apartments, Glen Haven Apartments and Fashion Lane Apartments, respectively, with a combined building size of 215,691 square feet and a combined lot size of 363,144 square feet. The portfolio was sold by the Hunsaker Family to Positive Investments.
Located in the San Gabriel Valley near 10 and 210 freeways along with metro access, the properties offer a mix of one, two and three-bedroom units, and single-family residences.
Lee & Associates LA North/Ventura’s national multifamily director Warren Berzack negotiated the sale on behalf of both parties.
“The properties, all of which were in close proximity to each other, sold over ask with multiple offers in just three weeks,” said Berzack. “This portfolio signals an extraordinarily strong demand for the multifamily market, particularly those that offer a value-add reposition play. There is also a limited quantity of large property types like this on the market. All of this, coupled with low-interest rates, excess liquidity and high demand created a tremendous appetite for this portfolio.”