Srinivas Yalamanchili Acquires Multifamily Palm Garden Apartments In El Monte For $9.15M

The asset involved in the transaction is a multifamily property located at 10310 Valley Boulevard in El Monte. The sale price was $9,150,000 for a community that comprises 91 units, offering a price per unit of $100,549. The total square footage of the property is 31,961, resulting in a price per square foot of $286.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,150,000
• Units: 91
• Price per Unit: $100,549
• Square Footage: 31,961
• Price per Square Foot: $286
• Buyer: Srinivas Yalamanchili
• Seller: Frank W Cornell
• Buyer's Representative: Mark Reynolds - Ally Commercial Real Estate
• Seller's Representatives: Cameron Greco & Rick Ramirez - Ally Commercial Real Estate

Ally Commercial Real Estate represented both the Buyer and Seller in the transaction of the Palm Garden Apartments. They executed a strategic off-market process, ensuring a smooth transition where Positive Investments will maintain the property's long-standing commitment to affordable senior housing. The community has a history dating back to the 1960s when it was initially developed as a motel before its conversion.