Chateau Group Sells SoCal Multifamily Project for $125M
By Greg Cornfield July 12, 2023 5:50 pm
reprints
Chateau Group USA has found a buyer for a nearly completed housing and retail development in Southern California.
An entity named UP Province Holding is set to pay $125 million for The Province in San Gabriel, a mixed-use project with 127 residential units and 50,000 square feet of retail, according to The Real Deal. The six-story development is underway on 2 acres at 400 West Valley Boulevard in the small city of San Gabriel, Calif., in eastern Los Angeles County.
Units at The Province range from 650 square feet to 1,360 square feet, according to architecture firm KTGY.
John Rodiles, national sales manager for The Mogharebi Group, another multifamily firm which has been active in the region, said the project is “a major shot in the arm” for Valley Boulevard.
“Most cities want mixed-use,” Rodiles told TRD. “It’s new construction and it’s targeting higher-end retail.”
The larger San Gabriel Valley is the largest apartment submarket in L.A., with north of 65,000 market rate units. According to Matthews Real Estate Investment Services, San Gabriel Valley reached $756 million in multifamily sales volume in 2022, which is much higher than its historical average of $463 million.
Per TRD, city representatives also said more housing construction is around the corner. For example, Pacific Plaza Premier Development Group is set to begin development this year on a 243-unit complex with 73,000 square feet of commercial space at 700 San Gabriel Boulevard.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
