CBRE announced the sale of a 32-unit apartment complex at 15741 Blaine Avenue in Bellflower, California to a private investor for $5.6 million. The sales price is $175,000 per unit, which equates to $347 per square foot.
Repeat buyers were represented by Dan Blackwell, executive vice president of CBRE, and Andrew Boukaser, vice president, currently with MBI Equity Partners. The seller was based in Long Beach, California, and the buyer was from Los Angeles County. Neither party was involved in the 1031 exchange.
“We sourced a well-maintained 32-unit apartment community in a desirable area for repeat buyer clients,” Blackwell said. “This acquisition allows our client to significantly expand its portfolio and expands its potential for future value creation.”
Blackwell added, “The Blaine Avenue property has a large concrete area separating the residential units from the parking lot, which could be an opportunity to develop an additional residential unit (ADU).” The closing price cap rate was 6.51%, indicating a high investment value. ”
Built in 1955, the property at 15741 Blaine Avenue offers 16,128 square feet of rentable space and sits on 0.71 acres near the intersection of Blaine Avenue and Alondra Boulevard. The gated community consists of 31 one-bedroom units and a two-bedroom unit for management, as well as 32 parking spaces.
With a Walk Score of 86 (“Very Walkable”), we are conveniently located near schools, parks, grocery stores, dining options, and public transportation. Residents also have easy access to Interstates 710, 605, 105, and 5, making commuting throughout the area easy.
“This property was an ideal investment as it is located in a walkable, high-demand area with good access to major highways and local amenities,” Mr Blackwell said. “Rent increases and the potential for additional units in an improving market make this an attractive addition to our client’s portfolio.”
The CBRE Multifamily SoCal team recently represented the same buyer in the acquisition of a 10-unit apartment complex in Fullerton and the sale of an eight-unit property on Tibbs Circle in Garden Grove. The team is also selling Buyer’s eight-unit property on Palma Vista Street in Garden Grove.
Bellflower is a city in southeastern Los Angeles County with an estimated population of 73,841 people known for its cultural diversity and central location. The city is an ideal location for both commuters and business travelers, with easy access to popular attractions like Universal Studios and Disneyland, as well as major highways.
“Our team is committed to providing expert guidance to both buyers and sellers looking to acquire or sell multifamily properties that meet specific investment criteria,” Blackwell said. Ta. “Whether our clients are looking to expand their portfolio or need to complete a 1031 exchange, we leverage our extensive market knowledge and network to help clients navigate the process and efficiently achieve their goals. We will help you achieve this.”
About CBRE Group Co., Ltd.
CBRE Group, Inc. (NYSE:CBRE) is a Fortune 500 and S&P 500 company headquartered in Dallas and the world’s largest commercial real estate services and investment firm (based on 2023 revenues). The company has approximately 130,000 employees (excluding Turner & Townsend employees) and serves customers in more than 100 countries. CBRE provides an integrated suite of services including facilities, transaction and project management to a diverse range of clients. Property management. investment management. Evaluation and evaluation. Real estate rental industry; strategic consulting. Sale of real estate. Mortgage and development services. Visit our website www.cbre.com.
