Friday, February 27, 2015

$25.8 Million Los Angeles County Multifamily Sale Arranged by IPA and The Ensbury Group

Corsica Apartment Homes, Pico Rivera, Southeastern Los Angeles County, CA

Stewart I. Weston
PICO RIVERA, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, along with The Ensbury Group, an affiliate of Keller Williams Beach Cities, is pleased to announce the sale of Corsica Apartment Homes, a 141-unit, garden-style apartment community in the southeastern Los Angeles County city of Pico Rivera. The $25.8 million sales price equates to $183,000 per unit.

            IPA senior director Stewart I. Weston, and The Ensbury Group president, Martin Ensbury, represented the seller, Davlyn Investments and the buyer, Benedict Canyon Equities.

            “Corsica Apartment Homes is a cash-flowing asset that has been consistently at or above 95 percent occupancy,” says Weston. “It is one of only four market-rate properties in Pico Rivera above 100 units and provides the new owner with an excellent opportunity to add value through minimal interior and exterior upgrades.”

Constructed in 1971 on 3.7 acres at 9128 Burke St. in Pico Rivera, the property is easily accessible from Interstate 5, State Route 60, and Interstate 605. The unit mix is 74 one-bed/one-bath units, 50 two-bed/one-bath units and 17 two-bed/two-bath units.

All units have air conditioning and select units have walk-in closets. The community features mature landscaping, a gated entry system, covered parking, garages, open parking, a picnic area with gas barbecues, a children’s tot lot, elevator, a swimming pool and spa, a fitness center, a community clubhouse and card-operated laundry facilities.

For a complete copy of the company’s news release, please contact: