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Multifamily
The Parker Apartment Homes
El Monte, CA
177 Units
Built in 1963
Value Add
Investment Highlights
- Opportunity to complete current Ownership's renovation strategy and renovate the remaining 25 classic and can capture 20%+ return on investment.
- Current Ownership has invested $628K in common area and property system capital improvements since 2021.
- Investors have the opportunity to convert the Property to an affordable housing community via the "naturally occurring affordable housing" (NOAH) program in CA.
- Currently, based on the in-place rent qualification, approximately 90% of the units (159 units) qualify at or less than the LA County 80% AMI rent limits and can benefit from the commensurate reduction in ad valorem property taxes.
- El Monte's population is projected to grow by 33% by 2045 —currently, 60% of the city's housing inventory is renter-occupied. Median single family home values in El Monte have increased 29% over the last 3 years to $863k.
- Centrally located in the San Gabriel Valley, one of the best multifamily regions in LA County. Proximity to the 10, 210, and 605 freeways puts over 1 million jobs within a 30-minute commute of The Parker.
- Only 861 units have been delivered in El Monte in the last 25 years. Over the past 50 years, only 1, 50+ unit market rate apartment building totaling 208 apartments has been introduced to the submarket.
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