The sale of Woodside Terrace, an 85-unit apartment complex in Alhambra, has been finalized by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The property was sold for $26.25 million, equivalent to $312,500 per unit. According to IPA, this is the second largest transaction in Alhambra over the past 25 years in terms of both number of units and sale price.
Joseph Grabiec, executive managing director investments at IPA stated that the previous ownership had maintained Woodside Terrace well during their four-decade hold period. He also mentioned that the new buyer has plans to reposition the property and compete with other renovated properties in surrounding submarkets over time.
Given that majority (95%) of multifamily units in Alhambra were built before 2000 and there are limited new constructions planned for now; demand for renovated properties is expected to remain high.
Grabiec along with Kevin Green and Gregory Harris from IPA represented the seller while Raintree Partners was procured as buyer.
