California Communities Sell in CBRE-Brokered Deal
The properties are located in the San Gabriel Valley.
A pair of small multifamily communities in the San Gabriel Valley totaling 8 units have sold. CBRE brokered the transaction.
The 10-unit 1205 North San Gabriel property in Azusa, Calif., sold for $2.67 million, while the 8-unit 1015 Sunset Boulevard community in Arcadia, Calif., sold for $3.38 million.
The 10-unit property is located at the corner of San Gabriel Ave. and Sierra Madre Ave. in northern Azusa. CBRE’s Eric Chen and Justino Fa’aola represented both the buyer and seller in the 1205 North San Gabriel Ave., transaction, which traded at a 4.08% cap rate within 10 days of listing. The property was built in 1963 and comprises only two-bedroom units. The purchase price represented $266,500 per unit. The community includes an on-site laundry facility and resident parking.
The 8-unit property at 1015 Sunset Boulevard in Arcadia was built in 1963 and features a mix of two- and three-bedroom units. Chen represented the seller in the all-cash transaction for the well-maintained property at a 3.68% cap rate. The units, which sold at $421,875 per unit, feature central air conditioning and heating as well as large closets and balconies.
Bustling market
According to CBRE research, the Inland Empire ranked 16th in the top 20 metropolitan areas in the country for rent-per-unit at $2,201 per unit, which was $38 higher than the national average of $2,163 rent-per-unit.
Azusa has been an active market with MBK Rental Living in the development of Solana at Duarte Station, a five-story, 292-unit luxury community in Duarte, Calif., expected to begin leasing in October 2025.
