Multifamily Properties Sell for $26 Million

Multifamily Properties Sell for $26 Million

Two multifamily properties have sold for a combined $25.7 million, according to Coldwell Banker Commercial. The sales were announced on Dec. 3.

The larger of the two properties is the five-story Encore Apartments, a 28-unit building at 712 E. Walnut St. in Pasadena that sold for $17.2 million.

An unnamed foreign investor purchased the Encore from New Standard Equities Inc.
The property, which was built in 2004, consists mainly of two-bedroom units but also has studio and three-bedroom units. It has secured parking.

Two ground-level commercial units were included in the sale.

“The client was attracted to the property because of the strong multifamily market in the area. Vacancies in this submarket are in the single digits, and the property offered up-to-date units with onsite parking but also near the Gold Line,” Robert Ip, a commercial adviser at Coldwell who represented the buyer, said in a statement.

Coldwell Banker also announced the sale of a 16-unit apartment complex in Beverly Hills for $8.5 million.

The building, located at 9500 W. Olympic Blvd., was sold to a local investor. Coldwell Banker did not disclose the seller, but records indicate it was Beverly Hills-based ETCO Homes.

Coldwell Banker’s Iman Eshaghyan and Mina Eshaghyan represented the seller in the transaction.

The property was built in 1948 and has two studio and 14 one-bedroom units.

At the time of the sale, the building was 69% vacant.

“This multifamily asset offered a good opportunity for a value-add buyer to acquire the property. With a desirable Beverly Hills address, and well located within easy access of grocery stores, shopping and parks, we knew that this property would not be on the market very long,” Iman Eshaghyan said in a statement.

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