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Stratford Partners buys San Gabriel Valley apartment complex from TruAmerica
San Diego investment firm shelled out $29M for the Rowland Heights property
An entity linked to West Los Angeles real estate investment firm TruAmerica Multifamily just shed one of its San Gabriel Valley properties.
It sold the Azure Apartments in Rowland Heights to Stratford Partners for $29.25 million, or $232,143 a unit.
The 126-unit property at 1940 Fullerton Road, built in 1974, contains one- and two-bedroom apartments; a pool; a communal BBQ area; a fitness center; and a laundry facility.
Dean Zander of CBRE represented the buyer and seller.
The property last traded hands in August 2015 for $27 million, or $214,683 per unit, according to Real Capital Analytics.
Stratford, a San Diego-based real estate investment firm, said it plans to renovate each unit’s interior and the property’s common areas, according to CBRE. The company, which focuses on acquiring multifamily assets, has a $750 million portfolio.
TruAmerica manages a $6.8 billion portfolio with 141 properties under management.