Marcus & Millichap completed the sale of the 168-unit Arrowhead Apartments in Stanton, Calif.
The value of the transaction was $24.5 million.
Kennedy Wilson International sold the property to an unidentified private investor.
Built in 1971, Arrowhead Apartments is located at 12381 Arrowhead St. The property is situated on 6.6 acres and consists of 110 one-bedroom/one-bath units, 24 two-bedroom/one-bath units, 27 two-bedroom/two-bath units and seven three-bedroom/two-bath units. The units range in size from 771 square feet to 1,400 square feet, and the complex has 156,394 total rentable square feet.
Amenities include four swimming pools, 88 enclosed two-car garages, carports, a fitness center, an on-site management office, barbecue areas, four laundry rooms, large walk-in closets and air conditioning.
An aggressive rehabilitation program has included new paint, signage, landscaping, exterior lighting, mailboxes, railing replacement, a new leasing office, garage-door replacements, laundry room upgrades and a new fitness center. Sixty units have been renovated thus far, receiving new two-tone paint, countertops, cabinet refinish, carpet, stove, microwave, dishwasher, granite bath vanities, hardwood entries and window coverings. Other upgrades include new sinks and faucets, linoleum and ceiling fans.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
