NorthMarq has brokered the sale of LUXE 1801, a 109-unit multifamily property in Alhambra, Calif. According to Yardi Matrix data, the seller was The Bascom Group.
Located at 1801 W. Garvey Ave., the three-story multifamily community is within 6 miles of downtown Los Angeles, 5 miles of the LA State Historic Park and 3 miles of University of South California’s Health Science Campus. Nearby attractions include the Monterey Park Golf Club and the Highlands Park to the southwest of LUXE 1801, whereas the Granada Park is located to the northeast.
Built in 1972, the community has recently been renovated. Improvements called for the installation of stainless-steel appliances, vinyl flooring and espresso shaker cabinets. LUXE 1801 features studios and one- to three-bedroom apartments with private balconies or patios, as well as fireplaces in select units. Community amenities consist of an outdoor pool, a fitness center, a game room and an outdoor lounge with fireplace. Monthly rental rates range from nearly $1,900 for a one-bedroom to more than $2,700 for a three-bedroom unit.
NorthMarq’s Newport Beach office team including Managing Director Shane Shafer and Associate Quinn Breslin completed the transaction.
Occupancy in gateway cities has been dropping since the onset of the pandemic, as residents seek more affordable options in nearby areas.
According to a recent Yardi Matrix study. metro Los Angeles rents declined by 3.0 percent in 2020, to an average of $2,157. By contrast, rental rates in the lower-priced Inland Empire went up by a strong 7.3 percent during the same period.
