CBRE Facilitates $4.8 Million Sale of 36-Unit Multifamily Property in Downtown Alhambra

CBRE arranged the sale of a 36-unit multifamily property at 30-32, 34-36 and 100-102 North 1^st Street in downtown Alhambra, California. The property sold for $4.8 million ($133,229 per unit and $346 per sq. ft.) in an all-cash transaction.

CBRE's Eric Chen and Blake Torgerson represented the buyer, Woodward Grand LP, in the acquisition. The seller was the Gertrude G. Burke, Trustee of the Talmage V. Burke & Gertrude G. Burke Trust dated Feb. 28, 1995, Burke Family Trust & Marital Trust.

“Downtown Alhambra continues to attract investors seeking well-located multifamily assets with opportunities to enhance value through operational improvements and future rent growth,” said Chen, Executive Vice President at CBRE. “This property's walkable location, diverse unit mix and proximity to major employment centers made it an attractive acquisition for our client, and we were pleased to help facilitate a smooth and successful closing.”

Built in 1956, the property totals approximately 13,875 sq. ft. on a 24,394 sq. ft. lot and features studio units and one-bedroom floor plans. Amenities include on-site laundry facilities and both covered and uncovered parking. The community is situated in a walkable downtown location near Alhambra's Main Street corridor and offers convenient access to Interstates 10 and 710 and State Route 110.

The acquisition provides Woodward Grand LP with a multifamily asset in one of the San Gabriel Valley's established infill submarkets, positioned near retail amenities, public services and major transportation corridors.

According to CBRE Research, the Greater Los Angeles multifamily market continues to benefit from long-term housing demand and limited housing supply across many infill submarkets. Investors remain focused on well-located multifamily properties that offer opportunities for revenue growth and operational enhancement, particularly in transit-accessible communities throughout the region.