Pico Rivera, CA
CBRE Facilitates $4.15 Million Sale of 14-Unit Multifamily Community
January 11, 2024
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CBRE’s Eric Chen and Justino Fa’aola represented both the buyer and seller in the $4.15 million sale of 8202 Rosemead Blvd., a 14-unit multifamily property in Pico Rivera, Calif.
“After Generating multiple offers, we identified a qualified buyer through a long-term established relationship,” said Mr. Chen, executive vice president at CBRE. “We ran a successful process, overcoming many obstacles and challenges throughout the escrow process, closing at 3.98% cap rates on current rents.”
Built in 1974, the community features one- and two-bedroom floor plans, which average 881 square feet. The property features an on-site laundry facility, secured access and ample outdoor space.
According to CBRE research, the Los Angeles multifamily market remained level due to record high-interest rates and inflation. Vacancy increased slightly in Q3 2023 compared to the previous quarter, with a slight decrease in year-over-year rent growth.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.