LOS ANGELES, CA –Colliers International, the third largest global real estate services organization, just closed two apartment deals in Los Angeles totaling $25,950,000. Kitty Wallace (top right photo), Executive Vice President, based in Colliers International’s West Los Angeles office, closed both deals.
The first property is a 149-unit property, Pebble Grove (middle left photo), located at 1790 W. Arrow Route in Upland, Calif. The transaction is valued at $17.135 million. Wallace represented both the Seller, The Watt Companies, and the Buyer, Temecula Village Retail Dev LP.
Pebble Grove is well situated in a good pocket of Upland that is surrounded by affluent neighborhoods such as Rancho Cucamonga and Claremont. It is also conveniently located within 1.5 miles of the 10 freeway, Montclair Plaza, the Montclair Hospital, and the Claremont Colleges.
“There was a bidding war for Pebble Grove with seven potential buyers offering at list price or higher,” said Wallace. “The property ended up closing at a 3.16% CAP Rate on actuals. People were attracted to the property’s size, condition, location, and its value-add potential. We were able to show investors that this 1986 property had significant rental upside that could be achieved through strategic renovations aimed at improving occupancy, increasing rents and the N.O.I.”
The second property, a 32-unit, Montana Avenue Apartments (middle right photo), is located at 11965 and 11973 Montana Ave., Brentwood, Calif. It was sold for $8.85 million. Wallace represented the Seller, American Alliance Capital Group. The Buyer, Kian Investment LLC, was represented by Faraj Kerendian.
The Montana Avenue Apartments are located just one block from upscale shopping on San Vicente Avenue in Brentwood, Calif. Each apartment features original hardwood flooring, high ceilings, amenitized kitchens, and oversized bay windows. Common area amenities include professional landscaping, a courtyard, fountain, on-site laundry, and 23 parking spaces.
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Angela S. Hwang
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