Coldwell Banker Commercial West Closes $33.75m Sale Of 225-Unit Senior Apartment Community in Huntington Park, Calif.
HUNTINGTON PARK, CALIF. (July 18, 2024) – Tom Papoulias, vice president of Coldwell Banker Commercial West, is proud to announce the sale of the Seville Gardens Apartment Community, a 225-unit senior housing apartment complex located at 2701 Randolph Street in Huntington Park, Calif. The transaction closed at $33,750,000.
Papoulias represented the seller, Seville Gardens, LLC. Papoulias said that the buyer, Equity Consultants Equity, Inc., plans to maintain use of the property as multifamily senior housing.
“Seville Gardens presented an excellent investment opportunity with a substantial upside in rents,” said Papoulias. “Pacific Boulevard recently underwent a $4,000,000 beautification project intended to make the street more pedestrian-friendly and attract more shoppers, so there is incredible potential. Area rentals boast very low vacancy rates.”
Seville Gardens was built in 1989 by the seller on a sizable 1.09-acre lot that occupies an entire block on Randolph Street between Seville and Stafford avenues, a quarter mile from Pacific Boulevard, Huntington Park’s main commercial thoroughfare. The building offers 108 studios, 114 one-bed/one-bath units, and three two-bed/one-bath units, with amenities that comprise of secure parking and access, balconies, a community recreation room, elevators, and on-site laundry. Currently, tenants are responsible for gas and electricity expenses, while the owner pays for water, sewer, and trash. Seville Gardens is currently under a building covenant that mandates it be used as 55-plus housing with 20% of units rented to low-income tenants until 2038.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial West, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Media Contact:
Kevin Guhl
Email: kevin.guhl@cbhomeoffice.com
Phone:
973-407-5916
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