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Former Halfway House Sells in $3M Competition

LOS ANGELES-A former halfway house that was turned into 13 apartments has found a new owner in an Ontario, CA investor who beat out several other bidders with his $2.7 million offer. The property's high rent and cap rate were significant factors in his decision to buy.

By Beverly Ford | Updated on October 16, 2003

LOS ANGELES – An Ontario, CA buyer beat out several competing offers with a high bid of $2.7 million to take ownership of a recently renovated 13-unit apartment complex that had once served as a neighborhood halfway house.

Bentley Richards paid about $100,000 below seller Landfair LLC’s $2.8 million asking price for the two-story 522 Landfair Ave. property, Adrienne Herman, with CB Richard Ellis’ Team Lustig-Bower, tells GlobeSt.com.

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