Woodside Terrace, an 85-unit apartment complex in Alhambra, traded for $26.3 million, or $313,000 per unit.
Dana Point-based commercial real estate investment company Raintree Partners purchased the property and plans to refurbish the asset to make it more competitive with newer products nearby.
The sale represents the second largest asset sold in Alhambra in the last 25 years, in terms of number of units as well as sale price, according to Institutional Property Advisors, a division of Marcus & Millichap, which brokered the deal.
“Well-maintained under the same family ownership for the past 40-plus years, the buyer is in position to reposition the property over the next several years to compete with the renovated market leaders in the surrounding submarkets,” Joseph Grabiec, executive managing director of investments at IPA, said in a statement. “With 95% of all multifamily units in Alhambra built prior to 2000 and limited new construction on the horizon, demand for renovated properties is expected to remain high.”
Grabiec, along with IPA’s Kevin Green and Gregory Harris represented the unnamed seller and procured Raintree Partners in the sale.
“Vacancy is projected to be 3% over the next five years as only one new multifamily unit has been added per 210 residents in Alhambra over the last 25 years and, since 2019, single-family home values have increased by 40%,” Green added.
Built in 1972, Woodside Terrace is a gated community with a swimming pool, a lounge deck, laundry facilities and assigned parking. Apartment units feature original cabinetry, floor-to-ceiling pantries and private patios or balconies, according to IPA.
The property is situated among major freeways, nestled between Pasadena, Glendale, Burbank, Hollywood and downtown. Major employers and institutions in the area include Southern California Edison Co., California Institute of Technology, Alhambra Hospital Medical Center, DreamWorks, Raytheon, Spotify and L3Harris.
