CBRE announced the sale of the Alosta Portfolio, a 316-unit multifamily offering consisting of three contiguous assets spanning 10.7 acres in Azusa, CA. Azusa Pacific University sold the portfolio to Positive Investments for $81 million. Proceeds from the sale will provide Azusa Pacific University with an unprecedented opportunity to strategically invest in initiatives and projects that will enhance the campus experience of its diverse student population and advance its mission.
CBRE’s Greg Nassir (team lead), Jenny Eng, and Brad Wilmot represented the seller in the transaction.
The three multifamily properties included in the sale are:
- Alosta Place, a 97-unit (118 units total in the overall complex) condominium property located at 1130 East Alosta Avenue
- Bowles, a 123-unit apartment property located at 1150/1160/1170 East Alosta Avenue
- University Park, a 96-unit apartment property located at 1000 Alosta Avenue
“The Alosta Multifamily Portfolio’s ideal location in Azusa – which is in the midst of a development renaissance – and opportunity to immediately perform unit renovations was attractive to investors,” said Greg Nassir, Vice President at CBRE.
“The Azusa area is also one of the most stable submarkets within the San Gabriel Valley, setting up the properties for continued success,” added Jenny Eng, Vice president at CBRE.
The Alosta Portfolio is in a prime location close to universities, major thoroughfares and The Metro Gold Line, and offers an ideal mix of studio, one- and two-bedroom units with ample storage space. Additionally, the properties include amenities such as outdoor pools, laundry facilities, common recreation rooms, air conditioning and covered parking.
Brad Wilmot, CBRE’s Executive Vice President of Debt and Structured Finance comments, “Overall, our team was very pleased with this successful execution for our clients, particularly given the recent turbulence experienced within the capital markets.”
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.