Paladin Realty Buys Multifamily Portfolio in SoCal
While the suburban markets in Southern California continue to draw interest from investors, the owner of three multifamily properties in Los Angeles County has unloaded the portfolio for $33.6 million.
CBRE (CBRE) announced the trade of the properties in the city of Azusa, but did not disclose the names of the buyer or the seller, just the entities they operated through. Property records show Paladin Realty manages the LLC that acquired the portfolio, and Barker Pacific Group runs the entity that owned the sites.
The portfolio includes the 44-unit Azusan Apartments at 1345 North San Gabriel Avenue; the 36-unit Riviera Apartments at 1381 North San Gabriel Canyon Road; and the 36-unit Palm View Apartments at 1311 North Azusa Avenue.
All three properties include one- and two-bedroom units averaging more than 800 square feet, and they are located near downtown Azusa and Azusa Pacific University, as well as the 210 Freeway.
“The multifamily fundamentals in San Gabriel Valley are very strong, and these properties will continue to perform well,” CBRE’s Eric Chen said in a press release. “We executed this transaction during an interest rate-changing environment and overcame many hurdles to facilitate a successful closing for both the buyer and seller.”
Chen and CBRE’s Joyce Goldstein represented the seller and buyer in the transaction.
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