Property Address: Areum Apartments
Deal Value: $75 million
The Institutional Property Advisors team of brokers made up of Greg Harris, Kevin Green, and Joseph Grabiec achieved what ended up being the best multifamily sale of last year. The Areum Apartments sold for $75,000,000, with the deal closing on November 26th of last year. The sale was the highest priced purchase per unit in all of San Gabriel Valley and the highest price per unit in all of San Gabriel Valley on 50-or-more unit deals of all time.
Property Address: 616 Esplanade Street
Square Footage: 82,203; 105 units
Deal Value: $53.5 million
CBRE’s Dean Zander, Stew Weston and John Montakab arranged sale of Novella Redondo, a 105-unit apartment property in Redondo Beach, to a joint venture between IDEAL Capital Group, a real estate investment firm based in Clovis, and Aegon Real Assets US, a division of Aegon NV, for $53.5 million, according to news sources. The CBRE team represented the seller, Stockbridge Capital Group. Novella Redondo is just steps from the beach and offers ocean views from approximately 40 percent of the units. The buyer plans extensive renovations and upgrades to unit interiors and common areas to create a truly “best-in-class” community in one of the most desirable locations in Southern California.
For reprint and licensing requests for this article, CLICK HERE.