CBRE announced the sale of an eight-unit multifamily property in Bellflower, Calif., on behalf of a private 1031 exchange buyer from Newport Beach. The selling price of $2,004,000 represents $250,500 per unit and $263 per square foot.
CBRE’s Executive Vice President Dan Blackwell and Vice President Sean Farag represented the buyer, a repeat client. The seller was from Los Angeles County.
“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,” said Blackwell. “Our team sourced an off-market property for the upleg through our investor network, demonstrating our commitment to meeting our clients’ needs.”
Farag noted that the acquisition represented a value-add opportunity for the investor to increase the current cap rate from 5.47% to 8.52% with the execution of a renovation plan.
“The eight-unit Bellflower property features two single-family residences and six townhome-style floor plans, all with large two bedrooms,” said Farag.
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
