June 23, 2016 Comments Off on CBRE Completes Montclair MF Transaction Views: 645 California, California News, Inland Empire, West

CBRE Completes Montclair MF Transaction

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.”

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