WHITTIER, CA-One buyer has paid $11.2 million for the 92-unit Crestwood Apartments, and another has paid $7 million for a development site planned for 91 units in two recently closed deals in the San Gabriel Valley. In the $11.2-million sale, Stewart Weston in the Long Beach office of Marcus & Millichap reports that the buyer of the Crestwood property stands to realize significant upside by raising rents to market levels.
The Crestwood is at 8930 Painter Ave. Weston, who represented the seller, says that the new owner's business plan includes "hands-on management and raising rents to surrounding market levels by implementing a repositioning/renovation plan."
The Crestwood complex consists of three two-story buildings. The 92 units include 53 one-bedroom units, 35 two-bedroom apartments and four three-bedroom units. Buyer Matsu LLC acquired the property from 8930 Painter LLC and Rebuild LA I LLC.
In the $7-million development site sale, Council Rock Valley Palm Investors LLC bought a 10,542-sf building on 63,007 sf of land at 221 E. Valley in San Gabriel. Scott Martin of NAI Capital's Pasadena office, who represented the buyer, says that the new owner plans to develop a 91-unit mixed-use complex on the land.
Martin points out that the property is located in the San Gabriel Valley View redevelopment corridor. The project, which includes a retail condo fronting Valley Boulevard, is scheduled to break ground in November.
Martin notes that the development has already been approved, along with the City of San Gabriel Valley View Specific Plan, which provides for a commercial corridor of transit-oriented mixed uses. The seller, West San Gabriel Association of Realtors, is leasing back the space until November. The association represented itself in the deal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.