
CBRE has brokered the sale of an eight-unit multifamily property in Bellflower, California on behalf of a private 1031 exchange buyer from Newport Beach with EVP Dan Blackwell and Vice President Sean Farag represented the buyer.
The seller was from Los Angeles County with the selling price of US $2,004,000 representing US $250,500 per unit or US $263 per square foot.
Our team sourced an off-market property for the upleg through our investor network, demonstrating our commitment to meeting our clients’ needs.
Blackwell comments: “We are pleased to have facilitated our client’s 1031 exchange, handling both the sale of the downleg property as well as the acquisition of the upleg property in Bellflower.
“Our team sourced an off-market property for the upleg through our investor network, demonstrating our commitment to meeting our clients’ needs.”
Farag notes the acquisition represented a ‘value-add’ opportunity for the investor to increase the current cap rate from 5.47 to 8.52 per cent following a renovation plan as the eight-unit Bellflower property features two single-family residences and six townhome-style floor plans, all with large two bedrooms.
Located at 9108 Palm Street, the 7,619-square-foot residential rental complex was built in 1960 and sits on an 18,909-square-foot lot (approximately 0.43 acres). The multifamily property is near the intersection of Lakewood Boulevard and Artesia Boulevard and the on/off-ramp to the 91 Freeway. Residents of 9108 Palm Street can walk to Palm Street Park located across the street or Lakewood Plaza shopping center one block away. Also nearby is a grocery store, restaurants, coffee shop, services and more.
Bellflower, a city in southeast Los Angeles County, has an estimated population of 73,841. Bellflower is known for its rich cultural diversity, central location and proximity to popular attractions such as Universal Studios and Disneyland. The city also offers convenient access to major freeways, including the 605, 91 and 105, making it an ideal location for both commuters and businesses.