Institutional Property Advisors Closes Los Angeles County Multifamily Asset Sale
January 03, 2025
ARTESIA, Calif., Jan. 3, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Los Arboles, a 158-unit multifamily asset in Artesia, California. The property sold for $43.45 million, or $275,057 per unit. By number of units and sales price, Los Arboles is the largest multifamily sale to ever take place in Artesia.
“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.
“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.
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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.