A 150-unit apartment complex in Cerritos has sold for $48.6 million to Palos Verdes Management Co., which purchased the site from a partnership of local investors.

CBRE Group Inc.’s Laurie Lustig-Bower, Mike McKinney, Kamran Paydar and Nancy Bush represented the seller. The buyer was self-represented.

The Four Trees complex is located at 18427 Studebaker Road and spans nearly 9 acres. In all, the development has 11 buildings with 38 one-bedroom units; 92 two-bedroom, one-bathroom units; and 20 three-bedroom, two-bathroom units.

The Four Trees also has two courtyards with pools, two laundry areas, a clubhouse and a fitness room.

McKinney said the property received 20 bids and marked “an extremely rare apartment sale in the City of Cerritos.”

He added that the buyer will make some changes to “bring this asset up to standards, equaling its quality location and fullest potential.”

The only other multifamily property in Cerritos to sell in the last two years, according to data from CoStar Group Inc., was the 132-unit Avalon Cerritos Apartments at 12651 Artesia Blvd.

AvalonBay Communities Inc. purchased the building from Richman Group for $60.5 million in 2019. The property was built in 2017.

Lustig-Bower said in a statement that the Four Trees “offers significant upside potential by renovating the exterior and interiors of the buildings. The demographic profile in Cerritos is very strong with an educated populace and a high average household income.

“For many residents, one of the primary appeals of this area is the well-regarded, award-winning ABC school system. With few apartment communities in Cerritos, this was a fantastic opportunity in an unmatched location,” Lustig-Bower added.

Demand is strong for multifamily properties in L.A. Sales of this asset type reached an all-time high in 2019 with $9.5 billion in sales, according to CBRE data.

Nationally, the vacancy rate fell to 4.1% during the fourth quarter, the lowest fourth-quarter level since 2000.