CBRE Facilitates Sale of Two Multifamily Communities in the San Gabriel Valley

CBRE facilitated the sale of two multifamily communities in the San Gabriel Valley, totaling 18 units. The 10-unit 1205 North San Gabriel in Azusa, Calif., sold for $2.67 million, and the 8-unit 1015 Sunset Boulevard in Arcadia, Calif., sold for $3.38 million.

"These two sales reflect the robust demand and growth potential in the San Gabriel Valley," said Eric Chen, executive vice president at CBRE. "We were able to secure competitive offers and close the deal quickly."

The 10-unit property is located at the corner of San Gabriel Ave. and Sierra Madre Ave. in northern Azusa, Calif. Mr. Chen and Justino Fa'aola represented both the buyer and seller in the 1205 North San Gabriel Ave., transaction, which sold at a 4.08% cap rate within 10 days of listing. The property was built in 1963 and comprises only two-bedroom units sold at $266,500 per unit. The community includes an on-site laundry facility and resident parking.

The 8-unit property at 1015 Sunset Boulevard in Arcadia, Calif., was built in 1963 and features a mix of two- and three-bedroom units. Mr. Chen represented the seller in the all-cash transaction for the well-maintained property at a 3.68% cap rate. The units, which sold at $421,875 per unit, features central air conditioning and heating as well as large closets and balconies.

According to CBRE research, the Inland Empire ranked 16th in the top 20 metropolitan areas in the country for rent-per-unit at $2,201 per unit, which was $38 higher than the national average of $2,163 rent-per-unit.