The sale of Los Arboles, a 158-unit multifamily property in Artesia, has been successfully closed by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The property was sold for $43.45 million at an average price of $275,057 per unit. This marks the largest multifamily transaction ever recorded in Artesia according to IPA.
According to Joseph Grabiec, executive managing director investments at IPA, the new owner will have the opportunity to reposition Los Arboles and compete with other renovated properties in the supply-constrained market of Artesia over the next few years. Grabiec along with Kevin Green and Gregory Harris from IPA represented an undisclosed seller and brought Palos Verdes Investments as buyers.
Kevin Green also commented on how underserved rental markets are in Greater Los Angeles region especially when it comes to cities like Artesia which has seen only five apartment buildings totaling 42 units added since 1990 while single-family home prices have increased by over 36% since 2019. With this acquisition, new ownership can take advantage of repositioning opportunities available within this highly sought-after market.
