Palos Verdes Management Company LP Acquires Cerritos Multifamily For $48.6M

A multifamily property located at 18427 Studebaker Road in Cerritos has been sold for a price of $48,600,000. This property spans over 8.75 acres, equivalent to 381,150 square feet. With a price per acre of $5,554,285 and a price per square foot of $127, this property offers a lucrative investment opportunity. The transaction involved the sale of 150 units, with a price per unit of $324,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $48,600,000
• Acres: 8.75
• Square Feet: 381,150
• Price per Acre: $5,554,285
• Price per Square Foot: $127
• Units: 150
• Price per Unit: $324,000

The buyer of this property is Palos Verdes Management Company LP, represented by Gerald J. Marcil. The seller is Jon R. Anderson & Hoag Foundation. The transaction was facilitated by Laurie Lustig-Bower, Mike McKinney, Kamran Paydar, and Nancy Bush from CBRE.