June 23, 2016
Los Angeles, based CBRE Group, Inc. completed the sale of The Evart Street Apartments located in Montclair, CA to Hacienda Heights, CA-based Wilshire Unlimited, for $8.1 million.
Built in 1961, the property underwent substantial renovations in 2015 and is situated on nearly 1.5 acres of land. The community consists of eight buildings, including an on-site leasing and management office, gated and controlled access, swimming pool and four on-site laundry facilities.
CBRE’s Dan Blackwell and Eric Chen represented the seller, Orange County-based Fiola Communities, as well as the buyer, who was also represented by CBRE’s Johnny Chang.
Blackwell says, “Evart Street Apartments created a unique opportunity for a buyer to purchase a value-add property over a 5% Cap Rate on current rents.”