MONTCLAIR, CA-Amerland Inc. of San Diego has acquired 100 units of congregate care apartments that can be converted to independent senior living in a deal that sold for $1.7 million more than the target price. Steve Heri of the CBRE Private Client Group in Anaheim reports that the property at 9656 Exeter Ave. drew interest from buyers who were attracted by the opportunity to reposition the property from congregate care to independent senior living.
Called Briarwood Manor, the asset represented "an excellent opportunity to renovate the existing apartments," according toHeri. The complex, which was built in 1978, will be the first project in Montclair for Amerland Inc., which has experience in acquiring, renovating and managing multifamily properties.
Heri and Peter Gillin, also of CB Richard Ellis' Private Client Group in Anaheim, represented the buyer and the seller, Briarwood LP, a San Diego-based investor.
In a comparable-sized multifamily deal that closed recently, the Charles Dunn Co. reports that YHB Oxford LLC bought two 14-unit buildings on almost a half an acre of land at 508 and 512 S. Oxford Ave. in Los Angeles for approximately $4.8 million. Bradley Anderson in Charles Dunn's downtown Los Angeles office represented the seller, Angela McNeil.
Anderson notes that the property is situated in the heart of Koreatown, a popular market for investors in recent years. The two buildings, which were originally developed together, are operated as a single property. The buyer was represented by YHB Oxford'a asset manager, Wayne Williams of Williams & Associates.
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