CBRE announced the sale of a 22-unit apartment complex in Arcadia, CA for $9 million in cash to a private foreign buyer.
Priscilla Nee of CBRE represented the private seller, in the transaction.
The property sits on a double lot in the heart of Arcadia between Sunset Drive and Baldwin Avenue, at 939 Arcadia Drive. The building totals 22,836 square feet, featuring one-, two- and three-bedroom units with private balconies and patios.
The property’s amenities include intercom entry, gated parking, a swimming pool, an on-site laundry facility, central air and heat, and individual water heaters.
“Due to stiff competition, especially in stable and desirable neighborhoods, we are increasingly seeing foreign buyers come in and purchase an asset in cash with a short and seamless twoweek escrow period” said Nee. “Arcadia is an exceptional location for a multifamily product due to its highly distinguished school district, non-rent-controlled market, and high barriers-toentry with an average housing value of $916,789.”
The buyer, 939 Arcadia LLC, was also represented by Nee.
Arcadia is adjacent to Pasadena, San Marino, and Sierra Madre and known for its highly distinguished school district. The area offers numerous retail and leisure opportunities, including the Santa Anita Race Track and the Westfield Santa Anita Shopping Center, which are both walking distance from the property.
Priscilla Nee of CBRE represented the private seller, in the transaction.
The property sits on a double lot in the heart of Arcadia between Sunset Drive and Baldwin Avenue, at 939 Arcadia Drive. The building totals 22,836 square feet, featuring one-, two- and three-bedroom units with private balconies and patios.
The property’s amenities include intercom entry, gated parking, a swimming pool, an on-site laundry facility, central air and heat, and individual water heaters.
“Due to stiff competition, especially in stable and desirable neighborhoods, we are increasingly seeing foreign buyers come in and purchase an asset in cash with a short and seamless twoweek escrow period” said Nee. “Arcadia is an exceptional location for a multifamily product due to its highly distinguished school district, non-rent-controlled market, and high barriers-toentry with an average housing value of $916,789.”
The buyer, 939 Arcadia LLC, was also represented by Nee.
Arcadia is adjacent to Pasadena, San Marino, and Sierra Madre and known for its highly distinguished school district. The area offers numerous retail and leisure opportunities, including the Santa Anita Race Track and the Westfield Santa Anita Shopping Center, which are both walking distance from the property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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 Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
