Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Los Arboles, a 158-unit multifamily asset in Artesia, California.
“New ownership has the opportunity to reposition Los Arboles over the next several years to compete with the renovated market leaders in Artesia’s supply constrained multifamily marketplace,” said Joseph Grabiec, IPA executive managing director investments.
Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, and procured the buyer, Palos Verdes Investments. “Artesia is one of the most chronically underserved rental markets in the Greater Los Angeles region,” said Green. “Since 1990, only five apartment buildings totaling 42 units have been added to the city’s apartment stock, and since 2019, the price of a single-family home has increased over 36%.”
The property’s location on the border between Los Angeles County and Orange County puts a variety of employment hubs within proximity via access to State Routes 91 and 710 and Interstates 5, 105, and 605. Anaheim, Long Beach, and Downtown Los Angeles are within a short drive. The Little India retail corridor is within walking distance and the Los Cerritos Center, Cerritos Towne Center, and La Mirada Theatre for the Performing Arts are nearby.
Built in 1973, Los Arboles is a controlled-access community with a swimming pool and lounge area, a clubhouse, fitness center, and covered parking. The unit mix of studios, one-bedroom/one-bath units and two-bedroom/two-bath apartments averages 681 square feet.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
