Apartment giant AvalonBay expands its portfolio in Cerritos

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

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
CIM Group's Shaul Kuba and a rendering of 3105 South Western Avenue (CIM, Bittoni Architects)
CIM group files more plans in South LA
CIM group files more plans in South LA
A photo illustration of the planned Vermont Lofts project at 966 South Vermont Avenue (SO.LA, Inc., iStock)
Goodbye Dragon, hello housing: Yet another apartment complex planned for Koreatown
Goodbye Dragon, hello housing: Yet another apartment complex planned for Koreatown
Interwest Capital Group CEO Alex Roudi and 551 East Riverside Drive in Ontario, CA (Interwest Capital, Rent.com)
Interwest Capital buys 142-unit apartment complex at Ontario Ranch
Interwest Capital buys 142-unit apartment complex at Ontario Ranch
Lyon Living's Frank Suryan Jr. and The Herald complex at 150 East Crowther Avenue (Lyon Living, Herald Apartments)
Lyon Living set new benchmark on multifamily pricing with sale in north OC
Lyon Living set new benchmark on multifamily pricing with sale in north OC
Irvine's Donald Bren and Douglas Emmett's Jordan Kaplan with 1221 Ocean Avenue (Irvine Company, UCLA Anderson school, 1221 Ocean Avenue)
Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments
Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments
Wood Partners' Joseph Keough with Foothill Boulevard (Wood Partners, Ontario Daily Bulletin. iStock)
260-unit apartment complex gets OK on Route 66
260-unit apartment complex gets OK on Route 66
6909-6923 North Reseda Boulevard (Google Maps)
Developer plans five-story apartment building in Reseda
Developer plans five-story apartment building in Reseda
14606-14612 West Sylvan Street (Google Maps)
Developer plans five-story apartment in Van Nuys
Developer plans five-story apartment in Van Nuys
arrow_forward_ios

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

Loading...