Apartment giant AvalonBay expands its portfolio in Cerritos

The firm picked up a 132-unit development from Richman Group

May.May 09, 2019 09:00 AM
AvalonBay CEO Timothy Naughton and the complex
AvalonBay CEO Timothy Naughton and the complex

AvalonBay Communities, the fourth-largest owner of apartments in the country, has expanded in Cerritos with the purchase of a recently-built apartment complex, The Real Deal has learned.

The seller was Richman Group of Companies, a multifamily developer based in Connecticut. Richman also built the complex, dubbed Sage at Cerritos, in 2017.

Located at 12651 Artesia Boulevard, in Southeast Los Angeles, the apartment complex includes 132 units. Rents start at $2,300 for a studio apartment and range up to $3,500 for a two-bedroom. There’s also a swimming pool, barbecue area and gym.

Records show the deal, which was made through LLCs, closed May 1.

Representatives from AvalonBay and Richman Group did not respond to immediate requests for comment.

AvalonBay, an equity REIT based in Virginia, owns a number of projects in Southern California, including another in Cerritos. The firm is also working on a large mixed-use project in the Arts District, slated to bring 475 live-work units to the area.

It’s also building a 695-unit complex in Hollywood, named AVA Hollywood. The project is expected to be completed this year.

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