Los Angeles –– CBRE announced the $9.5 million sale of a 20-unit apartment complex in Arcadia, Calif. CBRE’s Priscilla Nee represented the buyer, a private local investor.
Located at 933 Arcadia Avenue, Shalimar Apartments is a two-story multifamily property with a total building size of 28,022 square feet. The property features two- and three-bedroom units with an average size of 1,350 square feet. Common area amenities include intercom entry, a lush courtyard setting with water feature, a gated pool, an on-site laundry facility, and gated parking.
Shalimar Apartments is within walking distance to Westfield Santa Anita Shopping Center, which offers about 1.3 million square feet of retail and dining space, with close to 300 stores and restaurants, as well as shops, eateries, and entertainment along Huntington Drive, Baldwin Avenue, and Duarte Avenue.
“Shalimar Apartments is an exceptionally well-situated multifamily complex in an A+ West San Gabriel Valley location,” said Nee. “The property sold above list price to a private real estate collector, who already owns assets in the immediate area and has a track record of working with us.”
She added, “The buyer wrote a non-contingent offer, passed through $1 million upon acceptance, and accommodated all of the seller’s terms. It illustrates how in-demand well-located apartment properties in this region are with investors.”
Nee also represented the private local seller in the transaction.
