Bold Communities And California Landmark Group Acquire Alosta Gardens Multifamily For $35.2M

The 61-unit Alosta Gardens apartment complex in Azusa has been sold to Bold Communities and California Landmark Group for $35.2 million. The property, located at 745 East 5th Street, spans 58,000 square feet and has a price per square foot of $607. The buyer aims to preserve affordability by securing tax credits and renovating the property. Rental rates will range from $665 to $1,844 for individuals with incomes of 30 to 60 percent of the area median income.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $35,200,000
• Units: 61
• Price per Unit: $577,049
• Square Footage: 58,000
• Price per Square Foot: $607
• Market: Azusa

The partnership between Bold Communities and California Landmark Group, represented by Mike Miller, acquired the Alosta Gardens apartment complex. The collaboration aims to preserve affordability by leveraging tax credits and undertaking property renovations. This will ensure that rental rates remain accessible to individuals with incomes ranging from 30 to 60 percent of the area median income.