A 177-unit apartment building in El Monte was purchased by Uhon Inc. for $40.5 million, records show. The complex, called The Parker, was sold by Benedict Canyon Equities Inc.
CBRE Group. Inc’s Dean Zander, Stewart Weston and John Montakab represented the seller. The buyer represented itself. CBRE’s Brian Eisendrath and Cameron Chalfant arranged financing for the sale, CBRE announced Jan. 14.
“Given its optimal location coupled with a continuously growing San Gabriel Valley and a shortage of multifamily housing, The Parker will continue to be a stable cash-flowing asset for the many years to come,” said Jeffrey Tea, who leads acquisitions for Uhon, in a statement.
Zander said the building was one of the few market-rate buildings with more than 100 units in the area. The Parker is located at 4640 Arden Way.
“Investors were drawn to the garden-style design, recent upgrades and low-density appeal of The Parker,” Zander said in a statement. “With strong area demographics, a ‘Billion Dollar Initiative’ bringing a plethora of new jobs, housing and entertainment options to the area, plus excellent transit, El Monte is highly regarded as one of the last few relatively affordable and desirable markets within Los Angeles County.”
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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