Institutional Property Advisors Brokers Multifamily Asset Sale in the San Gabriel Valley of Los Angeles
January 03, 2025
ALHAMBRA, Calif., Jan. 3, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Woodside Terrace, an 85-unit apartment property in Alhambra, California. The asset traded for $26.25 million, or $312,500 per unit. 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.
“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.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), 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. For more information, please visit www.institutionalpropertyadvisors.com.