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Monday, Jun 24, 2024

Whittier Multifamily Sells for $7M

A 26-unit multifamily community in Whittier has sold to a private investor for $7.4 million, or $284,615 per unit.  CBRE Group Inc.’s Dan Blackwell, Kevin Sin, Andrew Boukather and Sean Farag represented the private, all-cash buyer in a 1031 exchange deal.

Governor Apartment Homes, a multifamily property located at 8407 Hydro Drive, was built on 0.70 acres in 1964. Recent capital improvements to the apartment complex include a new roof and windows, exterior paint, electrical panels and driveway slurry seal.

According to Sin, the buyer was looking to exchange out of the heavily regulated Los Angeles market. A 1031 exchange was implemented in which a buyer can defer capital gains tax by rolling an investment into another property.

 

Whittier’s Governor Apartment Homes.

 

“The buyer relied upon the Multifamily SoCal team’s coverage, expertise and relationships throughout Southern California to source and secure the up-leg for his 1031 exchange requirement in a competitive bid environment,” Sin said.

Sin continued, “The Governor Apartment Homes is a nice, clean asset with rental upside and is located in a great location within incorporated Whitter, which is not subject to the Los Angeles rent control.”

This sale marks the team’s fifth in Whittier closed last year.
“There is still great demand for properties with strong fundamentals within the Whittier market,” Blackwell said.

Comparable deals include the sale of a 17-unit complex at 135-139 W. Live Oak Ave. in Arcadia, which sold for $14.4 million, or $847,058 per unit; and the three properties totaling 316 units at 1150-1170 E. Alosta Ave. in Azusa, which sold for $81 million, or $256,329 per unit.

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MICHAEL AUSHENKER Author