The Seville Gardens Apartment Community, a 225-unit senior housing complex located at 2701 Randolph St. in Huntington Park, has been sold for $33,750,000 by VP Tom Papoulias of Coldwell Banker Commercial West. Papoulias represented the seller, Seville Gardens LLC., while the buyer was Equity Consultants Equity Inc., who plans to maintain the property as senior housing.
According to Papoulias, this transaction presented an excellent investment opportunity with potential for increased rental income due to recent improvements on Pacific Boulevard and low vacancy rates in the area. The property occupies an entire block on Randolph Street and is currently under a building covenant that requires it be used as 55-plus housing until 2038.
Built in 1989 by the seller on a spacious lot of over one acre between Seville and Stafford avenues near Huntington Park’s main commercial thoroughfare Pacific Boulevard,the apartment community offers great potential for growth thanks to its prime location within walking distance from shops and restaurants.
