CBRE Arranges Sale of 62-Unit Los Angeles Community
- Jul 17, 2020
CBRE has completed the sale of Coral Reef, a 62-unit community in San Gabriel, Calif. Executive Vice President Priscilla Nee represented the seller, a private local investor. The buyer, another private investor, acquired the asset for $14.7 million.
Built in 1963, Coral Reef is a 38,966-square-foot property primarily composed of two-bedroom units. Common-area amenities include a swimming pool, a clubhouse and on-site laundry facilities. The asset also features 81 parking spaces.
The community is located on a 1.6-acre site at 5730 N. Willard Ave., nearby both Interstate 210 and Interstate 10. The surrounding area has several retail and dining options, including Elm Center Shopping Center, which is roughly a mile from Coral Reef. The property is within walking distance of San Gabriel Country Club and within 10 miles of downtown Los Angeles.
In May, another CBRE team brokered the sale of Laurel Towers, a 20-unit property in the Studio City area of Los Angeles. The asset changed hands for $7.9 million.