California Communities Trade for $17M
- Nov 14, 2019
Cameron Properties has sold two of its residential assets, The Riviera and Rainbow Gardens, to Barker Pacific Group. Both parties were represented by Avison Young in the $16.8 million portfolio sale. The properties, boasting 36 units each, are located in Azusa, Calif. Both communities are slated for full unit renovations.
The Riviera, which was built in 1962, sits on 1.3 acres of land at 1381 N. San Gabriel Canyon Road. Its amenities include a swimming pool and a laundry facility. The seller recently completed an exterior renovation of the community.
Built in 1961, Rainbow Gardens sits on a 1-acre parcel at 1311 N. Azusa Ave. It features amenities similar to the neighboring The Riviera. The new owner plans to rebrand and execute exterior renovations for the community.
In the last five years, Azusa has had a 6.6 percent population growth and it is one of the fastest-growing cities in the San Gabriel Valley, according to Avison Young. The region attracted a significant amount of investments, with multiple developments across various asset types underway.
The Avison Young team that facilitated the sale was made up of Peter Hauser, Matt Hauser and Masa Ito, from the company’s Irvine, Calif., office.