Dalyce Kelley

• University of Phoenix, Bachelor of Science; Business Marketing

“You are one of the best in the business and thank you for doing such a great job on this sale for us. You and your team are true professionals. We look forward to working together more with you in the future.”

"Eric, Blake and their team went above and beyond in listing the sale of our property in Murrieta. We have had the pleasure of working with Eric and Blake on multiple transactions over the years on both purchases and sales and have always had a great experience. They are experts of the multifamily markets they work on and are very thorough on their handling of all aspects of the transaction. We hope to work more with them in the future and highly recommend them."

"Eric Chen and his team found a great investment property in Riverside County for me. They were able to convince the seller to extend the escrow period to over six months during the pandemic, which is the longest escrow I have ever had. After close of escrow, his team assisted me with more information to achieve a smooth ownership transfer."

“We’ve worked with Eric and his team for sometimes now but this is our first 1031 exchange. They were very patient and professional from the start. They won’t push you to sell your property unless they believe it is the best time to do so. Their excellent negotiation skill help got us better than expected sell price and found us a perfect exchange property with more upside.”

“Eric and team represented us as buyers and they were instrumental in sourcing and closing our transaction. Their coordination efforts with the seller and attention to detail during due diligence were highly valuable throughout the process. The team’s experience and professionalism were evident and we look forward to working with them again on future opportunities.”

“I recently completed the sale of a multi-tenant property with the help of Eric Chen and his team at CBRE, Investment Properties/Multifamily. I could not have been more pleased with the ease of the transaction and their professionalism. Eric Chen met with me personally and walked me through the expectations of the transaction. After meeting with Eric, I fully understood the market pro's and con's before deciding to list my property. Once the property was listed, Eric and his team marketed the property aggressively, setting up a visitation date with multiple buyers. We closed within 30 days on a full cash offer at our asking price. If you are a seller or buyer of Multi-Family Properties in Southern California, I would highly encourage you to utilize the expertise of Eric Chen and his team at CBRE. You will not be disappointed!”

“Eric Chen and his team at CBRE provided a very high level of service. With the utmost professionalism, he quickly found a qualified buyer for our apt complex and helped close the transaction as promised. We would not hesitate to use Eric and his team again.”

"Eric is a highly motivated individual that I have closed several exchanges with in the last 12 months. His work ethic is second to none. He is quickly becoming one of the largest producing agents in his market. If you are selling an investment property in the San Gabriel Valley he should be at the top of your list."

“We were very pleased that you were able to get the price that we were hoping for when other brokers told us that they felt we might be reaching for a price that was unachievable. Your lending connections made the financing process flow smoothly and you’re getting the appraiser comfortable with the value even when there were very few comparables available. Your positive attitude as well as your professionalism has been greatly appreciated. Your attention to detail and follow through made this extremely easy on our end."

“Eric is amazing. He stepped in to handle the marketing and sale of an apartment building in Covina that was the subject of litigation. He was able to handle the opposing parties who co-owned the property with grace and patience. He sold the property quickly and at a great price. His professionalism is beyond compare. I highly recommend him.”

“We encountered several unforeseen issues during the closing process, which normally would have jeopardized the entire transaction. However, even under pressure, Eric manifested exceptional professionalism, problem solving skills, tenacity, and most importantly, strong sense of responsibility to serve his client that enabled us to successfully close the deal in the end. He is a first rate real estate agent, and as his client and his friend, I enthusiastically recommend his services to anyone.”

"My wife and I have known Eric for many years. He has guided us through multiple transactions, both as sellers and buyers. We have found him to be scrupulously honest, patient, always accessible, cheerful and very smart. He even follows our progress after we’ve made a purchase! I have interacted with dozens of realtors over the years but to say Eric is one in a million is an understatement."

“Their team quickly identified the most appropriate buyer and managed the transaction to a timely and successful closing. The team demonstrated professionalism throughout the process from initial property analysis and presentation through execution of the sale. Their transparent communication style also made the process easy for CT and its partners."

“Thank you for assisting us for this sale. The handling of this sale from marketing to closing, seamless! You will be the go to person for our real estate needs in the future. Thanks again for your help. It’s professional all the way!”

“Your team's service is the best I ever had in all of my real estate transactions. This is a clear indication of what kind of a leader Eric Chen is, outstanding."

"We approached Eric Chen to assist us in selling an asset located in a tertiary market after working with 3 other retail specialist brokers that had failed to achieve the price that our investors required. Eric and his team quickly put together a detailed, targeted, strategic plan that leveraged their deep client base and experience in handling CMBS loan assumptions to deliver the price we needed in a short amount of time. His team was extremely knowledgeable and thorough. Bottom line: Eric and his team deliver results and I would not hesitate to use them again for future deals."

"We are very pleased to have closed escrow on a sale with Eric and want to thank you for effectively marketing the property and managing the transaction from start to finish. We appreciate your high level of professionalism and personal service with this deal and are looking forward to the next one."

"On behalf of all owners and employees of Fairview Ventures, I would like to extend my appreciation to a job well done with the acquisition of our multifamily investment. CBRE’s service during the transaction was excellent and we appreciate your communications, planning, and strong integrity in handling all aspects of the deal."

"I highly recommend Eric Chen and his team at CBRE to anyone looking to buy or sell multifamily housing. I just closed my 3rd transaction with Eric and team, and I am confident that there will be many, many more to come. Eric’s team is highly knowledgeable, very organized, and incredibly responsive. They guided me through my first deal with ease and were able to explain and solve any and all issues that came up along the way. His team is very proactive about giving updates and making sure that the entire process is transparent and smooth. I have enjoyed working with the team and look forward to working with them even more in the future."

"Your strategy for selling the apartments was excellent and I can’t say enough about how I appreciated your expertise with commercial real estate and understanding the buyers for that market. An all cash sale with no contingencies and a quick close at 10k over list – we couldn’t have asked for more! I will definitely recommend you to others. All the best to you!”

"Eric Chen & Joyce Goldstein of CBRE did a phenomenal job helping my family sell two apartment buildings that we had held in partnership with another family for nearly forty years. They were able to recommend smart repairs and upgrades, carefully analyze rent rolls in order to maximize value, and aggressively market the buildings to a very large potential base of buyers. The process was not at all simple and the team overcame multiple complex challenges which ultimately resulted in two successful sales that closed quickly for amounts well within our targeted goal range. I recommend them both without hesitation and I would welcome the chance to work with them again on either the buyer or seller side of a future transaction."

"We enjoyed working with Eric and his team! They were helpful before we retained them and were transparent in their strategy, willing to try things they hadn’t before, communicate things timely, and identify qualified buyers for us. The entire sale process was one of the more seamless ones we have encountered, thanks to their dedication!"

"Eric Chen and his team are professional, friendly, and courteous which is rare to find especially in this industry. He absolutely streamlined the whole selling process while taking the time to be compassionate and understanding about my personal struggles in life. He has the knowledge, patience, and determination to tackle all aspects of commercial real estate. Eric is truly awesome and I wish I had met him a long time ago. I look forward to working with Eric and his team again in the future. I would highly recommend Eric Chen to any investors whom are interested in buying or selling commercial real estate."

“I would like to express my gratitude to Eric Chen and his team in handling the sale of the Palm Property. I was very pleased with his professionalism, his personal contact and his overall performance. Many thanks to Eric and his team for a most positive experience.”

“As always, we were pleased with the work of the Eric Chen Team at CBRE on the purchase of 1147 W Linden Riverside, CA. They went the extra mile to get us this property after tracking the building for over 3 years. The transaction was smooth from start to finish with very little complications. Thanks again for another great investment for the Wetton Investment Properties Team! Look forward to our next venture together.”

"We want to express our deep appreciation to you and your company for helping us all the way to the finish line! You may or may not know this, but it has been an awful trip for us, with many surprises and nonsense way before reaching a settlement among the partners. We were very lucky when you were chosen to sell the property for us, you are so efficient and effective in getting our property sold in no time, and even go out of your way helping us to make the escrow company do their job. We are so grateful for you kindness and competence! BTW, Thank you for referring Matt Langenbach to us, he is so wonderful as well. Now that the dust is settled, I just want to let you know we know and appreciate everything you did for us. I know you will continue do well! Best wishes!!"

“Eric, You did a first-class job on that transaction that I doubt any other realtor could/would have done. Congratulations to you. I want to thank you for introducing me to all of our clients. I am absolutely honored to have met and worked for such straight-shooting, honorable people.”

"Our team at CBRE - Joyce Goldstein and Eric Chen - were total rock stars in the sale of our residential building in Pasadena. Their strategic counsel was instrumental in closing a lucrative off-market transaction at the aggressive price we wanted. This was by no means a simple transaction and Joyce and I were on the phone daily. CBRE helped us navigate through a complex ownership structure comprised of a 40 year-old partnership that began with two families and through succeeding heirs and trusts ultimately grew to 6 different stakeholders. Beyond their own plentiful skills, the team recommended service providers that were perfectly matched to our challenging situation and got us through escrow and title and everything else with nary a headache. I can not imagine going through another commercial transaction without Joyce and Eric and recommend them fully and without reservation."

"Eric and his team were very responsive every step of the way, from the time we identified the property through closing. They ran a very efficient and smooth escrow on a very tight timeline. They were professional, effective and a pleasure throughout our transaction. We look forward to closing with them again soon."

Baldwin Park, CA

 

 

Service Lines Engagement

• Capital Markets, Debt & Structured Finance
• Valuation & Advisory Services

A 26-unit boutique garden-style apartment community located in the high-demand East San Gabriel Valley rental market in Baldwin Park, California.

The Opportunity
Kimberly Apartments was first purchased by the seller, a local multifamily, value-add investor based in Orange County, Calif., as a value-add opportunity that needed heavy renovation. After successfully implementing their reposition strategy, the property was commanding the highest rental rates in the submarket and ownership had increased rental income by nearly 35%. With healthy property fundamentals and strong submarket conditions, the seller wanted to carry through on their initial business strategy and trade the asset.

The buyer, a private real estate investment firm from San Gabriel Valley, Calif., recognized Kimberly Apartments as an immediate income-producing asset that also offered the possibility for additional increased cash-flow through operational efficiencies. The property also fit well with their long-term investment strategy. However, faced with a rising interest rate environment, the buyer needed to act quickly to ensure the best lending terms. The buyer would also have to convince lenders that the property’s recent operating history based on higher rental rates/lower operating costs was sustainable long-term and a good basis for underwriting. Additionally, due to a complex ownership structure that included an overseas partner, the buyer needed a firm that was sophisticated enough to navigate the additional paperwork required, while also paying close attention to international time zones and post regulations .

The Solution
The seller enlisted CBRE’s Capital Markets team in Ontario, California to market the property. Based on their experience and deep market knowledge, they helped the seller arrive at a competitive list price that would still give them their desired ROI. Leveraging their strong local-market, private investment relationships, they were able to quickly identify an appropriate buyer.

Once the buyer had been selected, the CBRE Freddie Mac Small Balance Loans (SBL) team in Newport Beach was able to quickly coordinate the necessary third party reports through CBRE’s Valuation team and underwrite the transaction with the short financing contingency required in the purchase contract according to the buyer’s tight timeline. Additionally, during the underwriting process, CBRE built a case to prove the property’s new higher rental rates and lower operating costs would be maintained long-term. Using CBRE Research and market insights into comparable assets in nearby similar submarkets, CBRE’s experts proved Kimberly Apartment’s trajectory of stable and increasing cash-flow.

The Outcome
Ultimately, CBRE arranged a $4.382 million, 4.29% hybrid-rate, 20-year loan with 30 year amortization for the buyer with 70% LTV ensuring they could achieve their required cash-on-cash returns. Additionally, the SBL team was able to lock in an interest rate at application with no rate lock fee until the commitment was delivered to the buyer. The secured rate was 45 basis points below the market average when the transaction ultimately closed.

Additionally, the seller benefited from achieving a record price per unit and price per square foot in the City of Baldwin Park and a 31% return on their original investment. Seamless execution by CBRE’s Investment Sales, Debt & Structured Finance and Valuation teams ensured that all deadlines were met and all parties had full transparency throughout the process providing them with certainty of execution, and ultimately an excellent outcome.