A garden-style multifamily community named Citrus Court, comprising 140 units, located just outside Los Angeles, has been sold for a total of $31 million, or approximately $221,428 per unit. The sale was facilitated by The Mogharebi Group. The seller was an East Coast-based private investment group, and the buyer of this property was Apartment Management Consultants, according to a report from LA Business First.
Citrus Court, situated at 8121 Broadway Ave. in Whittier, originally constructed in 1967, offers a variety of floorplans including studios, one-bedroom, two-bedroom, and three-bedroom units, according to the report. The community boasts several amenities such as on-site laundry facilities, two swimming pools, a lounge area, a barbecue space, and controlled-access gates. The recent sale came after an extensive renovation project that revamped the kitchens, bathrooms, and hardwood flooring within the apartment units.
The property had changed hands in 2018, involving the same private investment group and a seller based in Orange County, according to the report. That transaction was also arranged by The Mogharebi Group. Additionally, the property is subject to a 99-year ground lease, which still has 58 years remaining.
Whittier has seen other sales transactions in the multifamily market recently.
Earlier this year, Institutional Property Advisors, a division of Marcus & Millichap, announced the sale and financing of Alivia Apartments, a 128-unit multifamily property. The leasehold interest of the property sold for $49.6 million or $387,695 per unit. The acquisition financing was arranged by Marcus & Millichap Capital Corporation. The seller was Fairfield Carmenita LP, and the buyer was NextGen Properties Group. Located at 11201 Carmenita Road, Alivia Apartments has seven residential buildings with 68 one-bedroom/one-bath units and 60 two-bedroom/two-bath apartments.
