Los Angeles – CBRE announced the sale of a multifamily property in Azusa, Calif., The Azusan, to 1345 San Gabriel Holdings, LLC, an affiliate of Los Angeles-based real estate investment firm Barker Pacific Group, for $9.7 million.
CBRE’s Eric Chen represented the buyer in the transaction. The seller, a private investor, was represented by an outside firm.
Located at 1345 N. San Gabriel Avenue, the two-story, 44-unit multifamily community was originally built in 1964 and sits on a 1.14-acre lot. The 35,208 square-foot, garden-style property features a unit mix of three-bedroom and two-bedroom apartments. The buyer plans to make significant improvements to the asset by renovating the interior, including new bathrooms and appliances as well as a new design for the exterior to bring a fresh new look.
The property is adjacent to SR 39, a major freeway that connects Azusa to both Los Angeles and the Inland Empire. The community is less than two miles from Azusa Pacific University and Citrus College, two colleges with a combined enrollment and staffing of approximately 32,000.
“Azusa is a solid rental market in the San Gabriel Valley with limited apartment supply,” said Chen. “The buyer owns similar properties in the area, and this asset is a great addition to their local portfolio.”
Despite the market impact of COVID-19, the multifamily sector held up better than expected in the second quarter, according to CBRE’s latest research. The market is likely to stabilize by the first quarter 2021 and show steady improvement after that.
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 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.
