Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Woodside Terrace, an 85-unit apartment property in Alhambra, California.
Woodside Terrace represents the second largest asset sold in Alhambra in the last 25 years, in terms of number of units as well as sale price.
“Well-maintained under the same family ownership for the past 40-plus years, the buyer is in position to reposition the property over the next several years to compete with the renovated market leaders in the surrounding submarkets,” said Joseph Grabiec, IPA executive managing director investments. “With 95% of all multifamily units in Alhambra built prior to 2000 and limited new construction on the horizon, demand for renovated properties is expected to remain high.” Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, and procured the buyer, Raintree Partners. “Vacancy is projected to be 3% over the next five years as only one new multifamily unit has been added per 210 residents in Alhambra over the last 25 years and since 2019, single-family home values have increased by 40%,” said Green.
The property is close to California State Route 60, and Interstates 5, 10, and 710. Residents can easily access employment hubs in Pasadena, Glendale, Burbank, Hollywood, and Downtown Los Angeles. Major employers in the area include Southern California Edison Co., Alhambra Hospital Medical Center, DreamWorks, Raytheon, Spotify, and L3Harris. The California Institute of Technology is close by.
Built in 1972, Woodside Terrace is a gated community with a swimming pool, lounge deck, laundry facilities, and assigned parking. Apartments have original cabinetry, floor-to-ceiling pantries, and private patio of balcony.
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.
