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Local Investor Buys Starcrest Apartments In Arcadia For $9M

Property Image
SOLD
$9,000,000

California

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MultiFamily
Sold 05/15/2020
the dealplayerscompscontact
Property Image
SOLD

Local Investor Buys Starcrest Apartments In Arcadia For $9M

942 Arcadia Ave, Arcadia, CA, 91007

See Similar Deals
MultiFamily
Sold 05/15/2020
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

A 28-unit multifamily property known as the Starcrest Apartments in Arcadia has been sold for $9,000,000.00, marking the highest purchase price of any multifamily property in the city over the past year. The property, located at 942 Arcadia Ave, consists of a pair of two-story buildings constructed in 1959 and is in close proximity to the Santa Anita Racetrack and the Westfield Santa Anita Shopping Center.

Summary of transation details:

  • Property Type: MultiFamily
  • Transaction Amount: $9,000,000.00
  • Market: Arcadia
  • Address: 942 Arcadia Ave, Arcadia, CA, 91007
  • Buyer: Local Investor
  • Buyer's Rep: Priscilla Nee (CBRE)
  • Seller: Unknown

The property, Starcrest Apartments, was acquired by a local investor in Arcadia. The deal was facilitated by the buyer's representative, Priscilla Nee from CBRE. The transaction reflects the attractiveness of the multifamily property market in Arcadia, with this particular sale setting a new price benchmark in the city.

Players

Priscilla Nee
CBRE
Priscilla Nee
10 deals$166.5M volume
BROKER
LI
Local Investor
BUYER

Details

SOLD
IMAGE: 05/15/2020 ADDRESS: 942 Arcadia Ave, Arcadia, CA, 91007 MARKET: Arcadia ASSET TYPE: MultiFamily BUYER'S REP: Priscilla Nee(CBRE) BUYER: Local Investor SELLER: Unknown PRICE: $9,000,000.00

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
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