Submarket’s average price per unit has doubled in last decade
Los Angeles – CBRE announced the sale of Bellflower Boulevard Apartment Homes, a 26-unit multifamily community in Downey, Calif., to a private investor for $6 million.
Dan Blackwell and Priscilla Nee of CBRE represented the seller.
Located at 11638 Bellflower Boulevard, the property consists of 17 one-bedroom apartments and nine two-bedroom apartments. The units range from 650 square feet to 900 square feet, and amenities include a central courtyard, laundry facility and 26 parking spaces. Approximately 54 percent of the units have been recently renovated, providing upside potential for new buyer.
The 18,802 square-foot site is in proximity to the 605, 405 and 5 freeways. The centrally located property is within 1.5 miles from numerous retail centers including Downey Landing, Stonewood Center and Downey Promenade. The two major thoroughfares in the area, Firestone Boulevard and Lakewood Boulevard, are within one-half mile of the complex.
“This is a recently improved asset, located in a fast-growing submarket of Los Angeles,” said Nee. “In the Gateway Cities area, rents are growing faster than the metro average. Because much of Los Angeles’ new development targets the top of the market, the competition for more affordable units is increasing and driving the historically low vacancy rates in these areas. These factors allowed us to field multiple competitive offers.”
The Los Angeles multifamily market has been extraordinarily dynamic over the past year, with net absorption and delivery totals reflecting sustained high levels of demand and completions, according to a CBRE research report. For the year ending in Q3 2018, completions totaled 13,026 units (up 61.6 percent year over year) and absorption increased 46.1 percent to reach 14,182 units. Multifamily asset acquisitions reached $2.8 billion in Q3 2018 (up 13.1 percent year over year), the strongest quarter since Q4 2016.
Los Angeles – CBRE announced the sale of Bellflower Boulevard Apartment Homes, a 26-unit multifamily community in Downey, Calif., to a private investor for $6 million.
Dan Blackwell and Priscilla Nee of CBRE represented the seller.
Located at 11638 Bellflower Boulevard, the property consists of 17 one-bedroom apartments and nine two-bedroom apartments. The units range from 650 square feet to 900 square feet, and amenities include a central courtyard, laundry facility and 26 parking spaces. Approximately 54 percent of the units have been recently renovated, providing upside potential for new buyer.
The 18,802 square-foot site is in proximity to the 605, 405 and 5 freeways. The centrally located property is within 1.5 miles from numerous retail centers including Downey Landing, Stonewood Center and Downey Promenade. The two major thoroughfares in the area, Firestone Boulevard and Lakewood Boulevard, are within one-half mile of the complex.
“This is a recently improved asset, located in a fast-growing submarket of Los Angeles,” said Nee. “In the Gateway Cities area, rents are growing faster than the metro average. Because much of Los Angeles’ new development targets the top of the market, the competition for more affordable units is increasing and driving the historically low vacancy rates in these areas. These factors allowed us to field multiple competitive offers.”
The Los Angeles multifamily market has been extraordinarily dynamic over the past year, with net absorption and delivery totals reflecting sustained high levels of demand and completions, according to a CBRE research report. For the year ending in Q3 2018, completions totaled 13,026 units (up 61.6 percent year over year) and absorption increased 46.1 percent to reach 14,182 units. Multifamily asset acquisitions reached $2.8 billion in Q3 2018 (up 13.1 percent year over year), the strongest quarter since Q4 2016.
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
