Los Angeles – CBRE announced the sale of a 20-unit apartment building in Downey, Los Angeles to a private local investor for $5.7 million.
CBRE’s Priscilla Nee, Dan Blackwell and Sean Farag represented the private seller.
Located at 7348-7350 Florence Avenue, the property features all two-bedroom, one-bathroom units. It sits in proximity to Downey Landing, Promenade at Downey, Stonewood Mall, Kaiser Permanente Medical Center, Columbia Space Center and Cerritos College. The building is also near the 605, 105, 710, and 5 Freeways.
“This property sold $200,000 above asking price and received multiple offers,” said Nee. “This was part of a 1031-exchange for the seller, who is buying a replacement property in Arizona, whereas the local buyer already owns assets in the immediate area, and this was a strategic addition to their portfolio.”
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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
