NorthMarq’s Newport Beach office arranges the sale of 109 units in Alhambra, California
NEWPORT BEACH, CALIFORNIA (May 19, 2021) – NorthMarq’s Shane Shafer, managing director – Investment Sales, and Quinn Breslin, associate – Newport Beach, completed the sale of LUXE 1801 in Alhambra, California. The apartment complex, located at 1801 West Garvey Avenue in Alhambra, contains 109 units and is within eight miles of Cal St. Los Angeles, USC’s Health Science Campus, and Downtown Los Angeles.
“The buyer recognized the exceptional location of the asset and the strong market fundamentals of the area,” said Shafer. “The average household income is over $100,000 and the opportunity to purchase a large asset in the highly coveted San Gabriel submarket interested the buyer. We are proud that the buyer and seller both achieved their business plans.”
The three-story property was constructed in 1972 and was recently underwent a comprehensive renovation program including the installation of stainless-steel appliances, vinyl flooring, and espresso shaker cabinets. Community amenities at LUXE 1801 include a pool, fitness center, game room, an outdoor fireplace lounge, and Amazon Lockers.
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