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