Palos Verdes Investments Acquires 158-Unit Multifamily Property In Artesia For $43.45M

The asset involved in this transaction is a 158-unit multifamily property located at 11901 176th Street in Artesia, California. This sale marked a significant transaction in the market, with a transaction amount of $43,450,000, resulting in a price per unit of $275,000. The property is positioned within a supply-constrained rental market, indicating potential for repositioning by the new owners.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $43,450,000
• Units: 158
• Price Per Unit: $275,000
• Buyer: Palos Verdes Investments
• Broker: Gregory Harris, Joseph Grabiec & Kevin Green - Institutional Property Advisors - Marcus & Millichap
• Lender: Berkadia Commercial Mortgage

Institutional Property Advisors facilitated this notable sale, representing the buyer, Palos Verdes Investments, as they moved forward with the acquisition. Palos Verdes Investments assumed a $20.2 million loan as part of the transaction, indicating their commitment to enhancing the property within the local multifamily sector.