Benedict Canyon Equities unloads 162-unit Hacienda Heights complex

West LA-based investment firm had acquired the senior housing property for $21M in 2012

Aug.August 16, 2019 08:00 AM
Benedict Canyon Equities co-founding principal Jim Rosten and CEO Ryan Somers with Sagewood Gardens
Benedict Canyon Equities co-founding principal Jim Rosten and CEO Ryan Somers with Sagewood Gardens

Benedict Canyon Equities has sold a 162-unit multifamily complex in the San Gabriel Valley, turning a substantial profit on a property it acquired seven years ago

Investment firm Positive Investments was the buyer. It expands its footprint in Southern California with the $34.4 million purchase.

The senior housing facility, named Sagewood Gardens, is located on a 5-acre site at 14814 Gale Avenue in Hacienda Heights. It was built in 1988 and includes 21 residential buildings with 93,930 square feet of rentable space, as well as a fitness facility, media room and activity center.

West Los Angeles-based Benedict Canyon Equities — through Royal Park Apartments Partners, had purchased Sagewood Gardens for $20.6 million in December 2012, records show. — Benedict Canyon has been one of the more active multifamily investors in recent years.

Arcadia-based Positive Investments confirmed the sale. Benedict Canyon could not be reached for comment.

Earlier this year, Positive Investments sold a 57,000-square-foot office building in Whittier for $19.5 million after paying $16.5 million just six months prior. In 2018, it bought Towne Center office building in Arcadia in for $26 million.

Meanwhile, Benedict Canyon sold a 177-unit property in El Monte for $40.5 million in January. And last year, the firm purchased a residential complex in West Covina for $74 million.

Alex Mogharebi and Otto Ozen of the Mogharebi Group represented both sides in the transaction.

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