CBRE announced the sale of a 23-unit apartment complex for $4.35 million in Norwalk, CA.
Dan Blackwell and Sean Farag of CBRE represented the seller, a family trust, in the transaction.
The building, which is located at 11037 Ferina Street, contains 15,191 rentable square feet and presents a mix of one- and two-bedroom units. The building’s amenities include a swimming pool and on-site laundry facility. The property, built in 1963, is also in proximity to Cerritos College, Norwalk Town Square and the 605, 91 and 5 freeways.
“The asset received great interest as properties don’t trade too often in Norwalk,” says Blackwell. “With approximately 40% upside in rents, this value-add opportunity sold within one day of marketing. The buyer was particularly attracted to the substantial upside of this asset and the strong, surrounding rental market.”
Los Angeles is at the top of the list for property purchases this year. Commercial real estate investors across the nation are more positive going into 2018 than they were at the start of last year, with Los Angeles being the No.1 target market, according to CBRE’s latest survey. Particularly value-add assets are favored this year as investors are searching for yield and asset diversification. The CBRE team also represented the buyer, a private local investor, in the transaction.
Dan Blackwell and Sean Farag of CBRE represented the seller, a family trust, in the transaction.
The building, which is located at 11037 Ferina Street, contains 15,191 rentable square feet and presents a mix of one- and two-bedroom units. The building’s amenities include a swimming pool and on-site laundry facility. The property, built in 1963, is also in proximity to Cerritos College, Norwalk Town Square and the 605, 91 and 5 freeways.
“The asset received great interest as properties don’t trade too often in Norwalk,” says Blackwell. “With approximately 40% upside in rents, this value-add opportunity sold within one day of marketing. The buyer was particularly attracted to the substantial upside of this asset and the strong, surrounding rental market.”
Los Angeles is at the top of the list for property purchases this year. Commercial real estate investors across the nation are more positive going into 2018 than they were at the start of last year, with Los Angeles being the No.1 target market, according to CBRE’s latest survey. Particularly value-add assets are favored this year as investors are searching for yield and asset diversification. The CBRE team also represented the buyer, a private local investor, in the transaction.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.
