Downey Apartments Sell for $11.85M

DOWNEY, CA-Granite Investment Corp. bought the 112-unit Brookshire Square apartment complex from Fowler Flanagan for $11.85 million, according to Marcus & Millichap.

The development, which was 95% occupied at the time of the sale, was built in 1965 and underwent renovations in both 2001 and 2002.

John Walsh of Marcus & Millichap, who represented both the buyer and the seller, says the property consists of 14 wood-frame and stucco buildings of two-story walk-up design, with six to eight units in each building. Walsh notes that the property features large units and is not rent-controlled, and it enjoys extensive frontage on Brookshire Avenue. The 112 units include 30 one-bedroom, one-bath apartments that measure 650 to 750 sf and rent for $650 to $825; 42 two-bedroom, two-bath units of 870 to 1,160 sf that rent for $861 to $1,175; and 40 three-bedroom, two-bath units of 1,100 to 1,450 sf that rent for $835 to $1,450.