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Institutional Property Advisors Brokers $107M Sale, $71M in Financing for San Gabriel Valley Multifamily Asset

MMI
  • Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale & financing of Hills at Hacienda Heights, a 350-unit multifamily property in Hacienda Heights, California.
  • The asset sold for $107 million, equating to $305,714 per unit.
  • IPA representatives Kevin Green, Joseph Grabiec, & Gregory Harris represented the seller & procured the buyer, Eagle Partners.
  • IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta, & Tyler Johnson arranged $71,017,000 in acquisition financing.
  • The San Gabriel Valley region is projected to be one of the nation's fastest-growing rental markets over the next five years due to housing undersupply & growing logistics industries.
  • The property is located within commuting distance of over 2.5 million jobs in City of Industry, Pasadena, & Downtown Los Angeles, with access to major highways including Interstates 10 & 605.
  • Built in 1970 on over 10 acres, the property has undergone renovations since 2015 and features amenities such as three pools, a spa, fitness center, & co-working lounge.
  • Apartments feature eight-foot ceilings, in-unit washers & dryers, stainless-steel appliances, & quartz or granite countertops with an average size of 792 square feet.
  • The transaction supports an affordable housing conversion initiative driven by limited new supply & a widening affordability gap in the submarket.