Apartment giant AvalonBay expands its portfolio in Cerritos

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

TRD LOS ANGELES /
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.


Related Articles

arrow_forward_ios
Blackstone’s Jon Gray and 1777 Center Court Drive in Cerritos (Getty, Google Maps)

Blackstone sells Cerritos office building for $44M

Blackstone sells Cerritos office building for $44M
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)

Landlords sue California over eviction ban

Landlords sue California over eviction ban
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)

LA landlords sue city over residential eviction ban

LA landlords sue city over residential eviction ban
Daniel Yukelson of Apartment Association of Greater L.A. and L.A. City hall (Credit: iStock)

For CA landlords, abysmal is the new normal

For CA landlords, abysmal is the new normal
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

CGI scores $48M in construction financing for Koreatown multifamily project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...