Los Angeles – Aug. 22, 2022 – CBRE announced the sale of the Azusa Portfolio, a three-property, 116-unit multifamily portfolio in Azusa, Calif. Azusa Riviera Holdings, LLC, Azusa Rainbow Holdings, LLC, and 1345 San Gabriel Holdings, LLC sold the portfolio to Azusa 116 Assets, LLC for $33.6 million.
CBRE’s Eric Chen and Joyce Goldstein represented the seller and buyer in the transaction.
The three multifamily properties included in the sale are:
- The Riviera Apartments, a 36-unit property located at 1381 North San Gabriel Canyon Road
- Palm View Apartments, a 36-unit property located at 1311 North Azusa Avenue
- The Azusan Apartments, a 44-unit property located at 1345 North San Gabriel Avenue
“The multifamily fundamentals in San Gabriel Valley are very strong, and these properties will continue to perform well,” said Mr. Chen, senior vice president at CBRE. “We executed this transaction during an interest rate changing environment and overcame many hurdles to facilitate a successful closing for both the buyer and seller.”
All three multifamily properties are located in a prime and fast-growing area close to downtown Asuza and Asuza Pacific University. Each complex has a mix of one- and two-bedroom units averaging over 800 sq. ft. per apartment. The properties include amenities such as a community pool, laundry facilities, private patio/balconies, air conditioning, and covered parking. Additionally, they are all close to the 210 Freeway and public transportation.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
