CBRE announced the sale of a 32-unit multifamily property at 15741 Blaine Avenue in Bellflower, Calif., to a private investor for $5.6 million. The selling price represents $175,000 per unit and $347 per square foot.
CBRE’s Executive Vice President Dan Blackwell, along with Vice President Andrew Boukather, who is now with MBI Equity Partners, represented the repeat buyer. The seller was based in Long Beach, California, while the buyer was from Los Angeles County. Neither party was involved in a 1031 exchange.
“We sourced a well-maintained, 32-unit apartment community in a desirable neighborhood for our repeat-buyer client,” said Blackwell. “This acquisition allowed our client to significantly expand their portfolio, with the potential for future value creation.”
Blackwell added, “The Blaine Avenue property features a large concrete area separating the residential units from the parking area, which could provide an opportunity to develop additional dwelling units (ADUs). The closing cap rate was 6.51%, indicating a strong investment value.”
Built in 1955, the property at 15741 Blaine Avenue offers 16,128 square feet of rentable space and sits on a 0.71-acre lot near the intersection of Blaine Avenue and Alondra Boulevard. The gated community consists of 31 one-bedroom units and a manager’s two-bedroom unit, along with 32 parking spaces.
With a Walk Score of 86 (“Very Walkable”), the property is conveniently located near schools, parks, grocery stores, eateries, and public transportation. Residents also have easy access to Interstates 710, 605, 105, and 5, making commuting across the region simple.
“This property was an ideal investment due to its location in a walkable, high-demand neighborhood with excellent access to major freeways and local amenities,” said Blackwell. “The potential for rent growth and additional units in an improving market makes it a compelling addition to our client’s portfolio.”
The CBRE Multifamily SoCal Team recently represented the same buyer in the acquisition of a 10-unit multifamily property in Fullerton, and the sale of an eight-unit property on Tibbs Circle in Garden Grove. The team is also marketing the buyer’s eight-unit property on Palma Vista Street in Garden Grove for sale.
Bellflower, a city in southeast Los Angeles County with an estimated population of 73,841, is known for its cultural diversity and central location. The city provides convenient access to popular attractions like Universal Studios and Disneyland, as well as major freeways, making it an ideal location for both commuters and businesses.
“Our team is committed to providing expert guidance to both buyers and sellers looking to acquire or sell multifamily properties that meet their specific investment criteria,” said Blackwell. “Whether clients are looking to expand their portfolios or need to complete a 1031 exchange, we leverage our extensive market knowledge and network to help them navigate the process and achieve their goals efficiently.”
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.
