CBRE Facilitates $4.15 Million Sale of 14-Unit Multifamily Community

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.