NEWPORT BEACH, Calif. – CBRE announced the sale of a 26-unit multifamily community in Whittier, California, to a private investor for $7.4 million.
CBRE’s Dan Blackwell, Kevin Sin, Andrew Boukather and Sean Farag represented the private, all-cash, 1031 exchange buyer.
The multifamily property, Governor Apartment Homes, is located at 8407 Hydro Drive on 0.70 acres and was built in 1964. Governor Apartment Homes features a mix of one-studio and 25 one- and two-bedroom floorplans. Recent capital improvements to the community include a new roof and windows, exterior paint, electrical panels and driveway slurry. Amenities include a swimming pool, air-conditioning, and laundry.
According to Sin, the buyer was looking to exchange out of the heavily regulated Los Angeles market. “The buyer relied upon the Multifamily SoCal team’s coverage, expertise and relationships throughout Southern California to source and secure the upleg for his 1031 exchange requirement in a competitive bid environment.”
He continues, “The Governor Apartment Homes is a nice, clean asset with rental upside and is located in a great location within incorporated Whitter, which is not subject to the Los Angeles rent control.”
This sale marks the team’s 5th Whittier closing this year. “There is still great demand for properties with strong fundamentals within the Whittier market,” Blackwell noted.
In the last 12 months, Blackwell and his Multifamily SoCal team have closed 73 transactions. “We are also working with many property investors on both on- and off-market opportunities to help facilitate multifamily 1031 exchanges,” noted Blackwell.
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.
