Colliers International Closes Two Multifamily Deals Totaling $25.985 Million in Los Angeles
Los Angeles, CA – October 25, 2011 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, just closed two apartment deals in Los Angeles totaling $25,950,000.
Kitty Wallace, 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, 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, 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.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
Contact:
Angela Hwang, Regional Marketing Coordinator
Greater Los Angeles, Colliers International
Tel: 213 532 3258
angela.hwang (at) colliers (dot) com
www.colliers.com
