MBK Sells SoCal Apartments
The firm developed the property in a joint venture with a Japanese construction company.
MBK Rental Living, a subsidiary of Japanese conglomerate Mitsui & Co., has completed its sale of Esperanza at Duarte Station, a 344-unit transit-oriented multifamily community located in Duarte, Calif. The company didn’t disclose the buyer or the sale price.
Berkadia Senior Managing Director Ryan Fitzpatrick and Managing Director Chelsea Jervis brokered the sale on behalf of MBK. Senior Managing Directors Kevin Mignogna, Charlie Haggard, Vice President Michael Beach, mortgage banker Lee Scott and Assistant Vice President Joey Guarino arranged the acquisition financing on behalf of the buyer.
A joint venture between MBK and Haseko Corp. built Esperanza at Duarte Station in 2022. The development was facilitated by a $72 million construction loan from Principal Financial Group, according to Yardi Matrix information. R.D. Olson Construction and Architects Orange were also part of the development team.
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Esperanza at Duarte Station is a five-story building that offers studio, one-, two- and three-bedroom units ranging from 514 to 1,090 square feet. Common-area amenities include a cantina with a lounge and counter seating, with direct access to food trucks and the property’s “Casa de Perro,” which features an interior pet wash and dry station as well as an exterior dog park with seating.
Other amenities include a resort-style pool and spa, and an indoor/outdoor space with a living room lounge, a fireplace, an open dining roo and kitchen. The community’s landscaped roof deck has poolside cabanas, outdoor TVs, grilling stations, a fire pit and a lounge area. Its rooftop gym has free weights, cardio equipment and an outdoor yoga area.
The property located on a 4.3-acre site at the intersection of Highland Avenue and Fasana Road, within walking distance of Duarte/City of Hope Metro Gold Line commuter train station. That line connects the property with Greater Los Angeles, Pasadena and other southern California locations.
Esperanza at Duarte Station is near City of Hope, a 120-acre cancer treatment center and major area employer. The community is also near Route 66, as well as the historic towns of Monrovia and Bradbury, in addition to a variety of hiking trails in the San Gabriel Mountains.
LA’s multifamily fundamentals remain sluggish
Greater Los Angeles’ multifamily rent growth has virtually stopped on a trailing three-month basis through September of last year, coming in flat at $2,646, according to Yardi Matrix data. That was a bit stronger than the national average rent, however, which was down 0.1 percent for the same period.
In terms of multifamily occupancy, LA stood pat as well, remaining unchanged year-over-year as of August, at 96 percent. That figure was above the U.S. average of 94.7 percent, Yardi Matrix notes.
Year-to-date through September, 9,168 multifamily units came on line across greater Los Angeles, or 1.8 percent of existing inventory, which is 40 basis points below the U.S. average. Overall, Yardi Matrix expects the metro will gain a total of 12,100 new units for all of 2025, followed by another 9,000 units in 2026.
Earlier this month, CIM cut the ribbons on Coro, a 168-unit community located in the city’s West Adams neighborhood.
