Los Angeles-Area Community Sells for $49M
- Feb 11, 2020
A joint venture of private investors has sold Four Trees, a 150-unit community in Cerritos, Calif. Palos Verdes Management Co. purchased the asset for $48.6 million, or $324,000 per unit. CBRE negotiated the deal on behalf of the seller, while the buyer represented itself.
Developed in 1969 and located at 18427 Studebaker Road on roughly 9 acres, the property comprises 11 two-story buildings. The unit mix features one- to three-bedroom floorplans. Community amenities include two swimming pools, two laundry facilities, a clubhouse and a fitness center.
The transit-oriented property is situated within the ABC Unified School District. Additionally, Four Trees is 19 miles from downtown Los Angeles and 12 miles from Long Beach. Several dining and shopping options are available within 1 mile, just off Interstate 605.
CBRE Executive Vice President Laurie Lustig-Bower, First Vice President Mike McKinney, Vice President Kamran Paydar and Associate Nancy Bush led the team that represented the seller in the transaction. A recent CBRE report showed that multifamily vacancy reached its lowest level in the fourth quarter of 2019.