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Multifamily

Areum Apartments

Monrovia, CA

154 Units

Built in 2017

Core

Investment Highlights

  • BEST OF BOTH WORLDS LOCATION Areum's competitive advantage in the marketplace is solidified by its Monrovia-Arcadia border location. The property truly offers both residents and investors alike a "Best of Both Worlds" narrative. From the quintessential boutiques of Old Town Monrovia, to a wealth of walkable neighborhood serving restaurants, retail and grocery stores, to Westfield Santa Anita Arcadia, to the Arcadia Gold Line station, residents would be hard-pressed to find a more convenient loc
  • ROBUST EMPLOYMENT WITH MOMENTUM The Property's close proximity to Monrovia and Arcadia's thriving job market with high paying medical and technology related jobs, provides a built-in renter pool for the asset. This is further augmented by the office expansion in Monrovia over the past 24 months, with approximately 300,000 square feet of new office space and over 2,000 new jobs added to the city.
  • LOCATED IN A SUPPLY CONSTRAINED MARKET As an investor, Areum represents a rare opportunity to acquire a sizeable, new construction asset in a supply-constrained marketplace with built-in future demand. Because Areum Apartments is located directly across the street from the Arcadia city border, the property stands to benefit greatly from the apartment shortage in Arcadia by drawing from this affluent tenant base and providing investors with a durable income stream for the foreseeable future.
  • CAPITALIZING ON A STRONG LEASE-UP Given the strong leasing velocity since lease commencement (14 units per month), a buyer will have the opportunity to implement a renewal policy at Areum to close the loss-to-lease created by the rapid lease-up process.

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